TSLA is inside this (potential bearish) channel, where its bounced twice. It could breakdown, and end up around $500, or bounce and hit the top of the channel and upper supply zone around $850.
My personal bias is $500 short, but I'm open to both possibilities.
Do your own research. This is not financial advice.
Correction: Being that a three (not double) wave (A-B-C) correction may be complete at today's low, a double three my be in progress to the upside. If correct then it will come over $780.79 otherwise its' a knee jerk reaction from oversold condition, that probably will falter in the area of or beneath stated resistance, then continue lower under today's bottom.
pechi123
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The decline from the all-time high 900.4 to the 539.49 low was a impulsive 5 wave decline, the rise to 780.79 was 3 waves, and therefore corrective of the impulse. The subsequent move to today's low $666.14 so far is 3 waves, wave C ($87.63) is roughly equal to wave A ($88.99), the most common relationship. It is possible to have another 3 wave advance or a double three that will surpass the $780.79 recovery high and likely to the $800 region. However, there are obstacles, twice has gapped down from 749.41 on 4/16 and 749.30 on 4/26 (lower than 4/16, subtle hint, and an indecision bar where open and close are near each other), with an interim high on 4/22 of 753.77. Therefore between the 10 day 4/16-4/26 there is a cluster of resistance 749.30-753.77. Being that a double three wave correction may be complete further upside is possible. If wave C is incomplete at today's low, before further upside towards resistance, then the first area to look for is roughly $1-3 beneath the low (equality), beyond that is C = 1.618 x A @ $609, the next most common relationship. This assumes a double three, could also be stair stepping down, lower highs and lower lows. I do note the sharpness of the slope off the bottom today is of equal or greater length than yesterday's bar, but that is not enough information. The overall market is down yet TSLA is holding making new highs on the day, and SPX may be near completion of a correction. I think the correction in the context of a larger bear trend is over at today's low, but that's an opinion. I don't see any big volume spike at the open when the low was being made of investors throwing in the towel unless I go to a 1-5 minute chart, but cumulatively since the last gap down 4/26 there has been a lot of selling.
SaeedSajedi
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Hi
Good job
I published same idea on 13 Apr when it was going up.You may like to take a look .It is very similar to you analysis but with using other approach
Regards