Tesla Update: Still Expect Slight Raise

Tomorrow, I expect we open slightly down to make a more complete b wave. Afterwards we rally quickly to the target box I have for 2. This would complete wave 2 of 1 of (C) of (2). Below is a smaller 15min timeframe showing what would be ideal for tomorrow.

I don't have much time to go into details tonight, but you saw through my updates today, I stopped out of my spec long position. I didn't expect to make much off of it as it was only taken from a risk management side. If we move according to my above statement, then I will take another long at the bottom of that B for a potential $5ish/share scalp. I'm not the biggest fan of trading against the trend though, and at this time the trend is down IMO.

Once we hit that box for 2 and start to decline, I will throw some updated fibs on for our next target lower. That should be in the low $250's at least but we can't know until this wave 2 finishes...if that is what it is. Don't forget this could still be the potential start to a new bull run. I find it unlikely at this time...but it is still a possibility as we have not breached any key levels to the downside yet. I want to see us breach the low $240's very soon.

As you see on the big chart, price we made a high on the 1HR on neg divergence. This should be a big signal we are headed lower. For now though, we continue to wait and be patient.

Bonam Fortunam,
--Tyler

Comment:

We hit the bottom of my box but wouldn't be surprised if we get another high before we fall again.

Comment:

This is a good start to the downside. Still no pos div forming yet so this will continue down until it does. I will most likely buy some puts on the retrace if this is indeed an impulsive structure to the downside.