TSLA: Correction potentially over

I'm long TSLA             from here, risk is $19.83 per share. I expect a short squeeze rally to come after the merger news come out. If price drops lower, I'd look to buy near $150, but I doubt it'll happen. Long term, buying in this wide range, between 150 and 200 is possibly a great trade.

Technically wise, price appears to have formed a falling wedge , maybe the last wave of a correction before more upside. If that's the case we'll see a very rapid rally back to the $270 mark in 1/4 of the time it took to fall down from it. Additionally, we're up for the day here after testing a low volume support level from the weekly, so we have a low risk long opportunity in play.
Refer to Tim West's TSLA             Elliott Wave count for more information. (keep in mind this is my interpretation of the chart. If you have any doubts about the wave count, contact Tim.

Good luck,

Ivan Labrie.
Comment: Absolutely spot on...85% approved the Solar City merger, we can expect a massive short squeeze to begin.
Comment: Acting great...hold.
Comment: Great progress, let it run.
Comment: You may reenter or add here.
Comment: We might be seeing a double bottom here, but it's not entirely clear yet.

Comment: We have a 10 bar mode and uptrend signal now, I'll add another position tomorrow, ideally on dips.
Comment: http://seekingalpha.com/article/4029605-teslas-short-interest-surges-solarcity-deal

We can see a huge short squeeze here soon. Hold longs.
Comment: 215-225-227 next.
Comment: https://www.bloomberg.com/news/articles/2017-01-14/spacex-successfully-launches-rocket-with-payload-of-satellites

Some good news at last...
I go away for a few months and come back to $TSLA minting new highs. Thanks for the warning Elon :). Great job as always Ivan! Love your analysis -- Tim will be proud ;).
+1 Reply
IvanLabrie PRO ExcitingTechnology
@ExcitingTechnology, hey, thanks a lot. And yes, thanks to Elon we had a good run ;)
Been a real nice ride up to 226. What next in your opinion??
+1 Reply
IvanLabrie PRO RJHumphries
@RJHumphries, I think it could be in a bull market phase, for the longer term. It's harder to 'pay up' if you already closed, but we might have to do that soon.
I'm flat for the moment.
@Ozzy, thanks, you took the trade?
Ozzy PRO IvanLabrie
@IvanLabrie, Yup! I thought the good amount of previous resistance in the area was worth the shot!
+1 Reply
@Ozzy, I'm glad to hear, rocking it for now. Crossing fingers! See you over 207 ;)...then we can aim for 215+.
Hi, I know this was written 4 days ago but I'd like to know if you're still bullish. I personally think we're going to head down to $150 and possibly break that by Jan 2017 based on the dissipation of bullish momentum we've seen in the past 2 years. I'd love to get your feedback on my idea.
IvanLabrie PRO vonLuftwaffle
@vonLuftwaffle, My analysis isn't based on moving averages, or these observations so I disagree. I think we have a bottom in oil, and TSLA here, now. Predicting far longer into the future, I wouldn't know, but I'm biased towards the long side.
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