Tesla Update: The Set-up is there

Welp, today we hit $263.60 for a high and then dropped as I called for yesterday. We could still make another high above that rather it be to me being one degree off or just plain volatility with the jobs report coming out tomorrow. My thought is we may get some volatility, but it will be contained to under $262.39 or today's high at the minimum. There really isn't much to add here tonight as I feel I have been very detailed thus far with my posts/updates throughout the day. We have carved out our (1)-(2), and even my 4-year-old knows that (3) comes next lol.

I have stated multiple times in the past that wave 3's are the strongest in any move. There just so happens to be a job report coming out tomorrow that will most likely not be taken well, 10year treasury bonds are getting hammered, and the NASDAQ is also due for a good drop soon. Needless to say, there is a plethora of reasons for Tesla to tank. The odds are not in favor of those long right now that's for sure.

On the chart, I made an updated fib for our 1-2 but DID NOT change the box targets. As of now, I expect the wave (3) to end @ that 1.618 fib line...which is in the box I made before we even topped....see how EWT can be so accurate. There are essentially landmarks along the way to help you confirm you're still on the right path. If you lose your landmarks, just go back, see what you did wrong, and find the right path before continuing to trade.

Anyhow, we have major neg div already formed and the hourly MACD is tanking. Tomorrow should be interesting to say the least, but I feel it won't be a good day for bulls.

Bonam Fortunam,
--Tyler

Comment:

I expect us to drop to the high $240's before we have a minor retrace. I will most likely sell then to lock in profits and then restrike higher and on a diff exp date

Trade closed: target reached:

3 puts sold

Trade closed: target reached:

5 puts sold

Trade closed: target reached:

Closed remaining puts for a little over $1700 in profit

Comment:

In case yall were wondering...I just made 61.5% PROFIT....in one day. That is the power of EWT!

Comment:

Still expecting another low

Comment:

breach of $256.46 to the upside and that means this micro-wave 1 is most likely done and we're starting micro-wave 2

Comment:

wave 2 target coming up. I will most likely buy more puts soon but waiting as of now

Comment:

the contract I am eyeing is a BTO PUT: Strike $225 Exp: 10/27/23

Trade active:

3 puts bought

Trade active:

7 more puts bought for a total of 10 puts bought

Trade active:

Limit order for 5 more puts @ premium of $2.66

these are all the contract I said I was eyeing.

Trade active:

limit order filled @ $2.60

Comment:

OMH probable and then structure looks complete to me. That means we should drop rather hard soon

Comment:

Structure looks complete and a high chance a top is in for this retrace. However, I could be wrong and we could move higher

Comment:

Price pierced through my box. Know your risk tolerance. We have some major neg div as of now so this is moving up on fumes and low volume.