Good morning. I've seen a lot of technical analysis flying around on TSLA today so I thought I would add my opinion. I see wedges, Fib, Elliot wave, ABC, trendlines, etc. But I do not see any Gann. I use Gann boxes and reverse Fibonacci retracement boxes to help me understand where the price is and if it is fair valued. So let's look at what I drew. The Gann Box and reverse Fibonacci retracement boxes were created from May 19-Oct 21, 2021. The trendlines created in these boxes are still being used today as TSLA's price bounces around. This is the main point of my article. Drawing a correct Fib and Gann box over a historical move can really help you understand where prices will go and where important areas of support and resistance can be found. I encourage you to zoom in on the Gann box and study it.
Today is extremely important. The gap on Oct 22 will be fully closed with a price close below $909. Tomorrow's candle could close the gap with confidence. Today's intraday low also touches the top of the 1/1 on the Gann box. Today's gap close and price close is exactly on the Gann 0.75 extension line. No coincidence. So look at the Fib retracement 1/1 trendline, which is also the Gann 1/1 trendline and they are tracking the 50 day moving average precisely today. TSLA fair value is $1025 today. The momentum indicators are all bottomed out today too. This might be the last time you see TSLA under 900 for a very long time.
Would love to hear your comments.
Not financial advice. Do your own due diligence. Good luck!
Today is extremely important. The gap on Oct 22 will be fully closed with a price close below $909. Tomorrow's candle could close the gap with confidence. Today's intraday low also touches the top of the 1/1 on the Gann box. Today's gap close and price close is exactly on the Gann 0.75 extension line. No coincidence. So look at the Fib retracement 1/1 trendline, which is also the Gann 1/1 trendline and they are tracking the 50 day moving average precisely today. TSLA fair value is $1025 today. The momentum indicators are all bottomed out today too. This might be the last time you see TSLA under 900 for a very long time.
Would love to hear your comments.
Not financial advice. Do your own due diligence. Good luck!
Comment:
Boom! Gap is closed finally. That gap sucked. Yesterday's price action sat right on the 0.75 Gann trendline and today we had a really nice bounce up. It's like the whole market was watching and waiting for that gap to close. RSI, MACD and Stoch momentum indicators starting to turn positive. We are in a breakout, not retracement. The breakout started on Oct 21 and if that gap hadn't been left there, we'd be somewhere higher. So start using extension tools instead of retracement tools. Have fun!