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Just an interesting finding that the current TSLA price action is almost a perfect imitation of Tesla's behavior prior to the Feb market crash. The only difference is that the time-scale is more compressed. These things have a tendency to break away from the pattern, but I do think it's interesting and somewhat telling in the short term.
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Great observation. Sure did run up fast and indeed could use a correction to create a stronger foundation for that long term sustainable high price. Fact is, any continued weakness in the market will likely drop Tesla too as there is not much visible catalyst for more upward action until September Battery day.
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@gios222, The fractal being compared here is from before the market dropped 35% in a month. Regardless, not saying this is going to predict the market's behavior for the rest of this month, just noting the similarity of the patterns an that if the pattern holds, TSLA will drop down to roughly 1150. With that said, patterns often do not hold, especially when they become more obvious.
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@GTStockmaster, exactly.. just need one good or bad news to break the pattern
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@GTStockmaster, I feel around 1358, but if it does go down to 1150, my hats off to you for calling it correctly.
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If the pattern continues, we will see a relatively uneventful Monday followed by sharper drawdowns throughout next week.