From a broad perspective, TSLA has just completed its corrective abc pattern wave 2 from it's initial wave 1 impulse drop. At the end of the trading day Friday 9/18 the market is looking like a sell-off. If Tesla follows suit with a gap down on Monday, we could be in the Cycle wave three and expect another impulse wave down below the initial wave 1. I am targeting below $325 for wave 3. This will happen fast. My theory would be invalidated if we break above $460.
This wave 2 that just ended looked like a major rally so expect something similar, though more flat for Wave 4. Ultimate wave 5 target could reach sub $200 or $195. Good Luck.
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For those who don't think that technical analysis works on TSLA. See that the reversal that occurred the other week happened at the third fib extension from Cycle Wave 3. Is this just a coincidence? I did not post an idea but in the stocks chatroom I recommended shorting at this point and made $$$.
Trade closed manually
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This wave 2 is going to be extended and ruin option holder positions. Options have been so wack for tesla that I closed my position for now. I think they hold this here for a while then whip saw people out of their positions. Not worth it until clear direction is found.
@shoot3, See my updated comment. TA works. Period.
kris242
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@shoot3, Now that is a bold statement, Look at TSLA Friday Sept 11th chart and Friday Sept 18th, tell me pattern recognition and technical analysis didn't have anything to do with me in a short position at 11:00 until 13:34 and selling off at a sell wall at 15:48.
shoot3
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23.09 Tesla 570$
Harry_Hood
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@shoot3, I see you just joined 23 days ago. Do you have an analysis that supports your claim? That is another 20% run after we had one last week. Like I said in my analysis there is little risk in this move because it is invalidated if we break $460-470.