*I apologize if this looks like a laser-light show*
I believe now is the time to short TSLA if you haven't done so already. The prime time would have been to do it above $920 in my opinion, but, nevertheless, we had a text-book parabolic rise which ended with a high of $968.99, and the best time to short a parabolic rise is when it attempts to retest the previous high and fails. With that being said... parabolic rises of average retrace anywhere from 62%-78% which would put TSLA anywhere between $479-$347 (don't worry, it doesn't happen overnight). We are now in a long period of consolidation that will lead to more sideways movement and downside.
Right now I believe we are in an "ABC" correction which is taking place in the form of a regular flat, which is a 3-3-5 sub-wave movement. We have just finished our B wave within the ABC wave structure, a textbook regular flat's B wave retraces 90% (90% would be $940.79 and we retraced to $944.78), then our likely targets for wave C will be a 1:1 extension of wave A ($662.79) as well as a 1:1.236 extension of wave A ($596.24).
If you like my content and would like to see more, please feel free to 'Like' my post and 'Follow' me!
If you agree, disagree, have any questions or comments, make sure to comment below!
Thank you.
Comment
⋅
1st short term target of $800 reached - which happens to be the 2:1 Gann Fan ratio support line, which will likely turn to resistance.
Comment
⋅
1st target hit... faster than expected.
Comment
⋅
Of $662.79 ^
More to come.
Comment
⋅
Both short term targets were hit. 2nd target why shy by less than $15 - Not bad!