Tesla Update: Where to Next?

So far, we have breached the 0.382 and almost tagged the 0.5 fib retracement. Given the fact we are about to start or have already started wave 3 of c, I would not be surprised one bit if we drop from here. There is also a very real chance this has just been the micro a wave of (2).

On the 3min micro chart we are on neg div. Multiple other time frames, including this one, seem to point down as well. We could very possibly open pre-market higher than we closed. This would finish out wave (2) likely giving us an even greater/stronger neg div. and possibly help build up even more energy for the move down. This is all speculation as of now though. Regardless of if it is the beginning of wave (3) of c of 2 or the ALT count, they both point down.

My ALT, which is labeled in turquoise, suggests this has all been part of just the micro a wave of our wave (2). If this is the case, then I suspect we should drop to around low $240ish before rising back up to the $260's to complete the micro c wave.

The key to determining the difference between the two is......STRUCTURE. If it is to be a micro b wave, then it will be a 3 wave move down towards the low $240's. If it is the start of wave 3 then we should have a 5 wave move to the downside to kick it off.

I am off tomorrow but will be busy on and off all day. I will update as possible throughout the day and if I make any trades. Good luck everyone and be careful out there!

Bonam Fortunam,
--Tyler

Comment:

Opened higher as predicted. We should spend most of the day dropping from here

Trade active:

Limit order for 2 puts strike 225 exp 10/20 @ $3.30

Order cancelled:

No fill. Order canceled. Still have 2 puts total

Comment:

Either we head to the $260's tomorrow or head down in our wave 3

Trade closed manually:

Sold both puts. I am flat as of now