In my last post I stated "Should we continue down for the white count I don't want MACD to cross below that red line under any circumstances. If it does, then it starts to make the orange count much more likely." Well, we did in fact breach that red line drawn on MACD. Not by much, but we did in fact cross it. This tells me all the price action from 28 Dec has most likely been a part of a wave or that the orange bearish count is starting to rear its ugly head.
On the micros we are on positive divergence, so we should get a small retrace higher soon in what I am expecting to be a mini-3-wave move for wave 4 of C of a. The ALT count I have labeled suggests we have already finished or will finish soon this a wave and are about to head up for wave b. This has most definitely been a very deep a wave if it is to be considered for wave 2 of (3). One theory to keep in mind, this could turn into a flat ABC which would see our b wave reach around the a wave highs and then fall back to this same area for completion of c of 2. At this point and time though, this is all conjecture, and we need price action to give us hints. Tesla has been very stubborn as of late though and is keeping her cards close to her chest.
Simplified theories:
1. White count suggests we need to carve out wave 4 & 5, and then head higher for wave b.
2. 1st ALT (turquoise) suggests we have already or will finish wave a very soon and head higher for wave b.
3. 2nd ALT (orange) suggests we are in a bear cycle, and this is only the a wave of a very long path downwards to create new lows sub $100.
Something to look at and keep in mind, on the Daily chart we have what is called a shooting star candle suggesting further downside movement on the larger scale. I don't subscribe to this type of analysis, but I like to know what other people see as well.
I have stayed out of Tesla for a while now because it is just too risky and indecisive for me. I highly encourage each and every one of you to remain on the sidelines too. I for one, will not risk capital unless the counts/moves are far in my favor, and I can't come to that conclusion with Tesla at this time. If it does in fact move higher in an impulsive fashion, there is still ALOT of meat left on the bones of that move higher. I can easily enter after we have better price action. Good luck everyone!!
Friendly Reminder: Beginning March 1st (~7 weeks), I will be dramatically changing my posting schedule here on trading view.
On the micros we are on positive divergence, so we should get a small retrace higher soon in what I am expecting to be a mini-3-wave move for wave 4 of C of a. The ALT count I have labeled suggests we have already finished or will finish soon this a wave and are about to head up for wave b. This has most definitely been a very deep a wave if it is to be considered for wave 2 of (3). One theory to keep in mind, this could turn into a flat ABC which would see our b wave reach around the a wave highs and then fall back to this same area for completion of c of 2. At this point and time though, this is all conjecture, and we need price action to give us hints. Tesla has been very stubborn as of late though and is keeping her cards close to her chest.
Simplified theories:
1. White count suggests we need to carve out wave 4 & 5, and then head higher for wave b.
2. 1st ALT (turquoise) suggests we have already or will finish wave a very soon and head higher for wave b.
3. 2nd ALT (orange) suggests we are in a bear cycle, and this is only the a wave of a very long path downwards to create new lows sub $100.
Something to look at and keep in mind, on the Daily chart we have what is called a shooting star candle suggesting further downside movement on the larger scale. I don't subscribe to this type of analysis, but I like to know what other people see as well.
I have stayed out of Tesla for a while now because it is just too risky and indecisive for me. I highly encourage each and every one of you to remain on the sidelines too. I for one, will not risk capital unless the counts/moves are far in my favor, and I can't come to that conclusion with Tesla at this time. If it does in fact move higher in an impulsive fashion, there is still ALOT of meat left on the bones of that move higher. I can easily enter after we have better price action. Good luck everyone!!
Friendly Reminder: Beginning March 1st (~7 weeks), I will be dramatically changing my posting schedule here on trading view.
Note
I wanted to point out that today we tagged the 1.0 and then bounced higher. This to me says we should have finished a, and have started our ascent for wave b. If this is b wave, then around $246 would be a standard area for it to complete but that is by no means a sure thing. After b wave finishes we still need to drop for wave C. The higher b goes the higher wave C will end.
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Go to ewtdaily.com for DETAILED DAILY UPDATES on 27 unique tickers and a daily zoom call with members to discuss latest analysis and get a 7-day FREE trial
Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.