On Feb 3rd I called a top at around $800. I think it is confirmed that Tesla's rally is well over as it broke the parabolic curve and now is in a bear market. I would set a buy order at about $375 at the bottom for a full correction, or $430 just in case it doesn't drop that low.
Please don't take my idea as financial advice - I'm just a random jerk on Trading View.
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Let me add one more point: Tesla could go sideways and correct in time instead of price, as it has done historically. In that case it could be 2-3 years before it turns bullish again while dips to $500 or so could be buying opportunities.
what about this gap up today? Still bearish? I have puts that aren't looking great anymore
adipocere
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@samandreasfault, for me yes, I'd even expect a powerful dead cat bounce up to $870. So long as it doesn't not make a higher high and hold, it looks bearish to me. However, with Telsa, who knows.
When Tesla breaks and holds 1000, corrects and resumes above 1000 and breaks out, is when I would stop being bearish and consider re-entering. Otherwise my buy targets hold until then. So for me there is a lot of wiggle room, possible a years worth, before I would go back in. And I think it could go a lot lower than $375, but I'd be comfortable buying there because below that is just chasing a bottom.
I tend to analyze in terms of months to a year, and I personally step out in these situations because it is too risky. I also don't personally own Tesla, or have any strong opinions on it, but my dad does, so I follow it to help him.
noochboy
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That's also in my head...
shorted at +-750 and counting on it to go to the 400-350 ish... Let's see what happens... That range does seem like a reasonable valuation for TSLA anyway. And in the end reason always wins (at least on the markets)... Imo a lot of fanboys that bought in the 900 range are still hodling , there will be a moment when they'll give up and sell their pile of shares. then it'll tumble down...