symmetrical triangle offers potential long setup in TSLA
To complete the pattern, price needs to complete wave d and wave e. The long will trigger on a subsequent move back above d. The initial stop would be placed below the low of wave c, as a move below that invalidates the pattern.
This will probably take 2-4 wks to play out.
This will probably take 2-4 wks to play out.
Comment:
waves (d) and (e) are potentially complete as of now (sooner than I expected). It's important that price not continue to move lower. Should the low of wave (c) be violated then the setup is canceled. Once again, I am looking for confirmation of the setup in the form of price moving above 215.88 or the true wave (d) high.
Order cancelled:
broke below triangle, trade invalid
In particular, you should spend no time at all thinking about those rosy scenarios in which the market goes your way, since in those situations, there's nothing more for you to do. - William Eckhardt