Nice work... please try the same by plotting it against USOIL... here is the approach that I have been taking... I think the Gann Fan and Parallel channel are in the works... With all the traditional manufacturers coming out in full force I think it is best to bet on VW and short tesla or to buy oil short tesla... I look forward to your input...
mike-d
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@mazdaki, Hi, that attempt at counting elliot waves was flawed -- (iv can't be lower than i for a 5 wave impulse so it was a more complex corrective structure) --
I'll have to give the Gann and Parallel channel approach a try.
Since you asked for input, my go-to for support / resistance levels atm is to combine Fib FTS and Ichimoku / 3 timeframes.
Applying that to Tesla / US oil :
2 Day chart: bearish (price below cloud, chikou span (grey lagging price line) below the price in it's time frame (think price is zero line on a momentum indicator and chikou span is the momentum) / but currently in a correction shown by red line (kijun-sen) being flat. Only thing that would make this time frame more bearish would be all 3 lines (red blue grey pointing down at the same time, and chikou span breaking below the cloud. If it gets there (meaning price does as well, it would hit both the cloud and the red fire line - so expect a big bounce if it gets there. That chikou span is also subject to all the lines of support and resistance drawn by both indicators.)
98 minute chart: (1/4 day) : bearish but in correction ( price and chikou below cloud, but chikou span hit price = flat momentum, if it breaks out below momentum resumes and increases the farther it gets from it, but if it goes up a bit and is above price but close to it, that means more corrective structure - chikou span breakouts from the correction trendlines are more reliable than price breakout / possible fakeout)
Also red line crossed above blue line so that will have to cross back for a good down move. The fact that price bounced from the blue line or cloud line is what many people use as trend continuation signal.
30 minute chart: Again bearish because price below cloud, but when chikou breaks below cloud as well away from price, that's a stronger signal. Price actually gap't the cloud + kijun-sen and longer term tenkan-sen (white dotted line is a longer term blue line - so looking good for shorts.
Whenever price approaches the Fib FTS lines or price/chikou approach the ichimoku cloud lines or trend lines, I check for divergences (fast 5,2 stochastic momentum index) or weakening momentum (6,15 stochastic momentum index) as well as price action around the lines to determine where it goes next.
Now you probably know all this stuff already, but since you asked for input, I went into detail about it.. visually you get all that from glancing at the chart set up that way very quickly. The settings used for the Fib FTS (have to create these custom for each stock etc.) and Ichimoku (not default) are shown.
mike-d
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@mazdaki, Forgot to mention: Henrik Fisker is claiming he invented a battery that would render the tesla ones obsolete.. I don't really rely on news too much as I'm not sure we have access all the info that makes it into the charts. Good luck with your trades !
mike-d
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@mike-d, Also here is the longer term (week / month) Caution here as price and the chikou span have major support to break through and basically did bounce but not very far. So with enough momentum it can punch through. If they had rejected those levels with a large bounce and stayed higher, it would take a longer consolidation to make a try again. In this case, price immediately came back to testing range and momentum to the downside does seem strong on those time periods as well. (no clouds on monthly as not enough back data to draw them)
@mike-d, very careful though, cause a bounce of the clouds or blue line is a strong continuation signal
mike-d
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@mazdaki, For Tesla on its own, the half day / renko chart shows a bounce from the main fire line and the cloud.. and momentum on that chart is rising. Would only short it if it went under the fib 1.618 line with strong momentum. If that leg down is the 3 part c wave completed and tesla is destined to resume an uptrend, we'll see a strong impulse candle / wave up to kick things off.