TSLA S3XY WEEKLY SETUP Last Trigger was a WINNER

TSLA on the daily time frame is still consolidating and most likely building a base to move higher or lower. In the past, S3XY algorithm, which is a back-tested algorithm using 11 years of data, has produced some amazing results and gains, especially when two major time-frames are consolidating and trading within a price range +/-20. At the time of this writing, May 4, 2021, the S3XY algorithm is currently signaling SELL SHORT position, which as provided some profitable trades for time-frames lower than 30 mins. However, on the weekly time-frame, the S3XY algorithm is still neutral and both the daily and weekly are scanning or squeezing. The last time TSLA daily and weekly charts displayed a scanning/ squeezing position, TSLA moved from $167 to $896. We expect this to repeat again with Fibonacci projection targets near the psych level $1000 and above. This would require a firm breakout above 877. Our plan is to wait for the daily to at least trigger a BUY and then begin entering long term positions in the Sept and October expiration dates- monthlies in particular. For additional confirmation, it would require the Weekly signal to also trigger a BUY. If these two time-frames end up triggering BUY levels concurrently, then there is a high likelihood that the price action in 2020 will repeat itself and propel the TSLA share price well above $1019 and possibly toward $1724. At this moment, we will assume short term target is $1019 and any additional news that may drive the share price higher will encourage prices to move to the next fib targets as shown in the chart.

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