Bullish Cypher Pattern Forming On TSLA

A Bullish Cypher is forming on the daily charts of Tesla Motors Inc. ( TSLA ). Currently, price has completed the initial extension leg AB and CD when it is making a reversal at the 127.2% and 141.4% extension zone. The next leg, if the pattern is to remain valid, is a move downwards towards the 196.73 area where it meets the 78.6% Fibonacci Retracement level of the A-C leg.

For more details of Cypher Patterns and their formation rules, please visit http://SimplyChartPatterns.com/harmonic-...


Currently, price is testing point C again. If it closes above point C and the 141.4% level, I'll consider this formation invalidated.
Good call.
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