Tesla Update: Sketchy Price Action

As I said in the last update in Thursdays post, I don't like this latest price action. It is very choppy and overlapping to say the least. Wave v of (i) cold be in an ending diagonal but even then, that's sketchy at best. I have mentioned time and time again that we still haven't hit the 1.0 extension to the downside, and 99.99% of the time A=C. Maybe I'm missing something, but this doesn't look good for the bottom being into me. At this time, I'm not changing my labels, but I am 50/50 with these counts.

That leaves us with two options according to this price action. White/red option suggests wave v is an ED and could use OMH to finish wave (i). After that we would get a 3-wave move down into the smaller box for ii before starting wave iii. The second option (turquoise) suggests we need another low down to the area of the 1.0 @ $171.67 and should take the form of a 5-wave move for (c) of c of (C) of 2.

Both MACD and fibs support these counts. Structure favors the turquoise count and so does my experience. The positions of the rest the market support another low too. Hopefully we will get our answers Monday or Tuesday, but either way now is not a good time to go long IMHO. If either one of these counts are right, best-case scenario suggests we will drop at least 5%. I'll be busy Monday and most likely unable to update throughout the day but will as able.

Comment:

Got that OMH. Let's see what comes next

Comment:

Today we got that OMH as predicted and then fell 4.1%. If you look at the post above, you will see I called for a drop of at least 5%. That alone should tell you I still foresee further downside action. It is too early to call this a 3-wave vs 5-wave forming but we should hopefully get that answer in the next day or two.