In my comment last night, I stated "we shouldn't breach the 0.5 retracement @ $195.74". Well, we just barely breached that and hit $196.35 before dropping hard. People can say it was due to the judge striking down Elon's payment package, but why would that hurt the stock? That literally saved/made it to where Elon wasn't given $55 billion dollars of free Tesla stock. If you look at my post from two nights ago, I stated we should get a couple 4-5's before this move down was over. So far, we are moving perfectly in line with my count. This isn't saying I'm 100% correct, it's saying we should have been expecting this type of price action.
On the 1HR chart you can see we made some positive divergence from the Oct low (A) wave, but we don't yet have pos div on the micros. This leads me to believe we still need another low at least before moving higher. Not to mention, although not impossible, this would be the ugliest 5-wave move higher off the low made on 25 Jan. It's very overlapping and one would have to ignore half the price action to call it a 5-wave move. As I said, it's not impossible, but unlikely we take off from here. I am still anticipating at least one more low tomorrow, ideally to the 1.0 @ $171.67. Structurally 2 more lows look warranted from here.
Yes, I believe we are very near our bottom, but I'm waiting for another low before buying any shares. Even then, I will be using a tight stop. Tomorrow I will be watching price action in the morning and will update as needed.
On the 1HR chart you can see we made some positive divergence from the Oct low (A) wave, but we don't yet have pos div on the micros. This leads me to believe we still need another low at least before moving higher. Not to mention, although not impossible, this would be the ugliest 5-wave move higher off the low made on 25 Jan. It's very overlapping and one would have to ignore half the price action to call it a 5-wave move. As I said, it's not impossible, but unlikely we take off from here. I am still anticipating at least one more low tomorrow, ideally to the 1.0 @ $171.67. Structurally 2 more lows look warranted from here.
Yes, I believe we are very near our bottom, but I'm waiting for another low before buying any shares. Even then, I will be using a tight stop. Tomorrow I will be watching price action in the morning and will update as needed.
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
Also, I want to remind all my followers that my posting schedule will alter dramatically on here starting March 1st.