Good evening and i hope you are well.
I did not adjust my wave outlook since 2024-02-11 and so far it's pretty perfect. My thesis is we are in w3 and this will be a treat. Late and perma bulls are still long and or will buy 180/175. So if this bear channel breaks down, the short covering will be epic.
Market was/is at the strongest and this stock is in a broad bear channel. The next months the earnings will deteriorate and then we will see where the market thinks this stock is fairly priced. All bubbles pop or deflate, this is deflating. Elon won't even save it with 69 new AI announcements for the reminder of the year. If sh** really hit's the fan, he will be margin called because of x financing and this will fuel the sell off further.
bull case: Bulls pray that 175 will hold and they buy the double bottom. If it holds, they want to touch the upper bear channel line around 240 again but i would expect 200 to be bigger resistance then.
bear case: Price action wise was this a wedge bear flag which broke down and now market will test 175 if there are more buyers than sellers. Not rocket science so far.
short term: wait for market reaction at 175 and follow the trend there. we might go sideways first but i think the general market sell off will accelerate over the next weeks
medium-long term: down - what would change that? trading above 270
I did not adjust my wave outlook since 2024-02-11 and so far it's pretty perfect. My thesis is we are in w3 and this will be a treat. Late and perma bulls are still long and or will buy 180/175. So if this bear channel breaks down, the short covering will be epic.
Market was/is at the strongest and this stock is in a broad bear channel. The next months the earnings will deteriorate and then we will see where the market thinks this stock is fairly priced. All bubbles pop or deflate, this is deflating. Elon won't even save it with 69 new AI announcements for the reminder of the year. If sh** really hit's the fan, he will be margin called because of x financing and this will fuel the sell off further.
bull case: Bulls pray that 175 will hold and they buy the double bottom. If it holds, they want to touch the upper bear channel line around 240 again but i would expect 200 to be bigger resistance then.
bear case: Price action wise was this a wedge bear flag which broke down and now market will test 175 if there are more buyers than sellers. Not rocket science so far.
short term: wait for market reaction at 175 and follow the trend there. we might go sideways first but i think the general market sell off will accelerate over the next weeks
medium-long term: down - what would change that? trading above 270
