EliteTrader101
Short

Tesla looks like a Head and Shoulders

NASDAQ:TSLA   TESLA MTRS INC
Everyone can see this H&S pattern and price will drop thru the lows to the fair value level around $210-205 level. Retail traders will sell on the break of the neckline and provide liquidity for the institutions who shorted higher up to cover their shorts by buying into retail selling. I don't think this is a very good H&S pattern because the right support hasn't been broken and we are still in an uptrend on the long term charts. I see this as a possible short squeeze once price closes back above the 213.90 level. I will be looking for signs of a reversal by looking for declining volume , hammers as the market sets up for the santa clause rally later in the month.
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