TSLA appear to be completing the week under the 50WMA for the first time since 2019 . Even 2020 lows did not fall below this level. And it appears it will end the week with what looks like it will be a hanging man candle (bearish). So with indexes also cliff walking its surely time to consider that TSLA may be ready to have its first significant crash / correction.
And this momentum change can be seen on the W RSI that twice reversed at 45 with price finding support on the 50WMA, but on this occasion RSI is drifting lower as is price.
So... how deep is it going to go? 🤔
Well that of course depends on what type of crash happens with stock indexes, assuming they do crash. But looking at TSLA in isolation it has had enormous gains but never had a phi related crash and so my gut says this will hit the 0.618 @ $138. I know - thats very deep but big gains lead to phi related crashes.
But what may be a slightly less deep consideration is that TSLA has never passed the lower RSI band on the weekly chart and so that could also be a reversal point. I would guess that would be around the 0.382 @ $320. I personally think it will go deeper and find new lows on the RSI but we'll see.
And how will this affect lesser EV names such as NKLA LCID HYLN and PTRA? 🤔 Well I would suggest its not going to be bullish 😄.
Overlaying their charts on TSLA they all peaked during TSLA bull run but since then have been in devastating bear markets - all slumping to all-time-lows. And the concerning aspect for these EVs is that TSLA has been going higher in that time!
From a perspective of wave analysis I would say that TSLA bull market ended in Jan21 and the recent ATH was an Upthrust (UT) - as part of Wyckoff distribution. It can be seen that the passage from the Buying Climax (BC) has been much more corrective with plenty of drift. And with that in mind I think EV bear markets are a reflection of that.
And for that reason I think very extreme lows may be coming for these EVs. Look out below!
Not advice.
And this momentum change can be seen on the W RSI that twice reversed at 45 with price finding support on the 50WMA, but on this occasion RSI is drifting lower as is price.
So... how deep is it going to go? 🤔
Well that of course depends on what type of crash happens with stock indexes, assuming they do crash. But looking at TSLA in isolation it has had enormous gains but never had a phi related crash and so my gut says this will hit the 0.618 @ $138. I know - thats very deep but big gains lead to phi related crashes.
But what may be a slightly less deep consideration is that TSLA has never passed the lower RSI band on the weekly chart and so that could also be a reversal point. I would guess that would be around the 0.382 @ $320. I personally think it will go deeper and find new lows on the RSI but we'll see.
And how will this affect lesser EV names such as NKLA LCID HYLN and PTRA? 🤔 Well I would suggest its not going to be bullish 😄.
Overlaying their charts on TSLA they all peaked during TSLA bull run but since then have been in devastating bear markets - all slumping to all-time-lows. And the concerning aspect for these EVs is that TSLA has been going higher in that time!
From a perspective of wave analysis I would say that TSLA bull market ended in Jan21 and the recent ATH was an Upthrust (UT) - as part of Wyckoff distribution. It can be seen that the passage from the Buying Climax (BC) has been much more corrective with plenty of drift. And with that in mind I think EV bear markets are a reflection of that.
And for that reason I think very extreme lows may be coming for these EVs. Look out below!
Not advice.
Comment:
Death cross approaching. It may evade to form LPSY perhaps or perhaps not. But either way I dont think it will make a difference.
Comment:
This idea is working very well and EV's getting smashed exactly as I said.
Looking to get long TSLA and new breed EV's but not for a while yet 😼.
Looking to get long TSLA and new breed EV's but not for a while yet 😼.
Comment:
Getting smashed, surely no-one could have predicted this 😸.
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