The question I have is how "MUCH" higher? Is this going to be a wave 2 retrace before we fall hard for wave 3? Or is it going to be a move higher in a new bull run? For now, I still feel price action is pointing lower. However, I could easily argue this decent has been corrective with all the overlap at the beginning of this move down from $278.98.
This is shown on the chart in turquoise. If this is to be corrective and we are about to propel higher in our wave (3) of 3 we still need OML. This would complete our C wave / downside structure. With tomorrows FOMC meeting it really could go either way. The meeting is the catalyst I believe we are waiting on to either propel us higher or drop us lower. At this time, I am inclined to think we are at a 65% chance of dropping to my C of (2) target and 35% chance we raise in (3).
The primary count down from those local highs is sketchy at best. The MACD continues to point lower and with the state of the index's I am inclined to stick to the bigger picture count as it always reigns king. This means we ironically need OML like the ALT count. The key difference to know what we are dealing with is how it moves higher after the next low. If we strike another slight low like I am calling for and hit it on neg divergence I will likely take a spec long position with a tight stop. If the move up is corrective I will sell towards the top of the c wave of 2 and short for the move back down. If we end up moving higher impulsively then I am positioned to profit off of that raise.
The key to this is, I will be using TIGHT stops and will enter when MACD tells me the move down is over rather it's for the time being or not. Any trades I make regarding Tesla I will post here in trading view.
Bonam Fortunam,
--Tyler
This is shown on the chart in turquoise. If this is to be corrective and we are about to propel higher in our wave (3) of 3 we still need OML. This would complete our C wave / downside structure. With tomorrows FOMC meeting it really could go either way. The meeting is the catalyst I believe we are waiting on to either propel us higher or drop us lower. At this time, I am inclined to think we are at a 65% chance of dropping to my C of (2) target and 35% chance we raise in (3).
The primary count down from those local highs is sketchy at best. The MACD continues to point lower and with the state of the index's I am inclined to stick to the bigger picture count as it always reigns king. This means we ironically need OML like the ALT count. The key difference to know what we are dealing with is how it moves higher after the next low. If we strike another slight low like I am calling for and hit it on neg divergence I will likely take a spec long position with a tight stop. If the move up is corrective I will sell towards the top of the c wave of 2 and short for the move back down. If we end up moving higher impulsively then I am positioned to profit off of that raise.
The key to this is, I will be using TIGHT stops and will enter when MACD tells me the move down is over rather it's for the time being or not. Any trades I make regarding Tesla I will post here in trading view.
Bonam Fortunam,
--Tyler
Trade active:
Long 20 shares @ $264. Starting out super small with tight stops
Comment:
The target box is our pivot area. We could spike up there during the FOMC meeting just to come crashing down, so as I have been saying I am using tight stops. Right now I only have 20 shares and my stop is set at $261. This move up appears corrective so when it reaches my target, I will sell the shares I picked up today.
Comment:
Stop upped to $264.50 for a small profit/FREE trade at the minimum. I'm currently watching/waiting for a top to form
Trade closed: stop reached:
Stop of $266.75 hit and shares sold. We could still hit another high before dropping but as of now I'm out and shorting the indeces
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
