I backed out this chart and made it a 4HR time frame to show you all a couple things. These are very important clues that shouldn't be overlooked.
The first thing is how short this move down from $299 has been and how little retrace there was for our (B) wave. Don't get me wrong, no rules have been broken and this could very well be all there is for (2). That is why I haven't changed my primary count yet. But this definitely has me thinking about what kind of structure we are making. On the left side I have a blue line marking the duration of our primary wave 2 showing it lasted around 70 days. If this move ends when I think it will, we would have only been in this correction for just about 23 days. I am not aware of any rules regulating duration of corrective moves, but it would be a very fast/shallow wave (2) if that is the case.
If this is just part of the overall A wave ending around $230, that would mean we would move up for B next to the $270's - low $280's. Either way, after we hit my target box, we should move up regardless of the count. It will either be for (B) wave or the beginning of wave (3) of 3. If my ALT count turns out correct that would put wave (C) somewhere in the neighborhood of $175-$200. Without a complete A-B structure though, I cannot have a precise target. That downward move would most likely conclude around the end of August-September.
In the more immediate future, I still expect Tesla to drop to around the $230 area before any significant move up again. After that happens, hopefully we will get more details of what price has in mind.
Bonam Fortunam,
--Tyler
The first thing is how short this move down from $299 has been and how little retrace there was for our (B) wave. Don't get me wrong, no rules have been broken and this could very well be all there is for (2). That is why I haven't changed my primary count yet. But this definitely has me thinking about what kind of structure we are making. On the left side I have a blue line marking the duration of our primary wave 2 showing it lasted around 70 days. If this move ends when I think it will, we would have only been in this correction for just about 23 days. I am not aware of any rules regulating duration of corrective moves, but it would be a very fast/shallow wave (2) if that is the case.
If this is just part of the overall A wave ending around $230, that would mean we would move up for B next to the $270's - low $280's. Either way, after we hit my target box, we should move up regardless of the count. It will either be for (B) wave or the beginning of wave (3) of 3. If my ALT count turns out correct that would put wave (C) somewhere in the neighborhood of $175-$200. Without a complete A-B structure though, I cannot have a precise target. That downward move would most likely conclude around the end of August-September.
In the more immediate future, I still expect Tesla to drop to around the $230 area before any significant move up again. After that happens, hopefully we will get more details of what price has in mind.
Bonam Fortunam,
--Tyler
Comment:
We didn't drop as much as I wanted to see today but I still believe my targets will be respected in the end. Time will tell (hopefully not to much time). I'm ready for this move to end so I can go long lol. Patient I remain though. This is not a game you want to lose patience with.
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
