As the title states, the larger and smaller counts are in a battle to decide which is victorious. I have said many times in the past, the larger count is King. Looking at the 4HR chart, MACD has barely begun to head down, and the 1HR chart suggests the 05 Feb low could only be the a wave of this larger (C) wave. Also, we never hit that 1.0 I have continuously mentioned.
On the micro count from 05 Feb, MACD made its high where it needed to and behaved accordingly for the wave mini wave iv. The drop down from yesterday's high ended on pos div, but only appears as if it is an a wave with no discernable b wave present. To make matters even more complex, it looks like price carved out a 5-wave move off of today's low. lol. Good ole' Tesla, always throwing wrenches. I say all these things to give y'all some perspective. Corrective structures can be extremely complex, and Tesla is no exception.
In short, I don't have any answers for y'all today. I know we touched the bottom of my box and begun to retrace higher, but that doesn't confirm anything with the structure price carved out. If price raises with strength tomorrow, WITH MACD, then it supports the micro count. I want to see price breach $196.35 to lend credence to a bottom being made.
If price doesn't do what's mentioned above, I lean towards another low around the 1.0 eventually. This structure / price action just seems to overlapping for me to say with certainty we're headed up for (3) of ((3)) especially given the condition of the overall market. With the larger count seeming to point lower, I have to side with it. As I mentioned before though I am to torn between the two counts to make a call. Hopefully tomorrow will give us the answers we seek.
I am not switching the color of my counts at this time. Just consider each count having an equal chance of coming to fruition.
On the micro count from 05 Feb, MACD made its high where it needed to and behaved accordingly for the wave mini wave iv. The drop down from yesterday's high ended on pos div, but only appears as if it is an a wave with no discernable b wave present. To make matters even more complex, it looks like price carved out a 5-wave move off of today's low. lol. Good ole' Tesla, always throwing wrenches. I say all these things to give y'all some perspective. Corrective structures can be extremely complex, and Tesla is no exception.
In short, I don't have any answers for y'all today. I know we touched the bottom of my box and begun to retrace higher, but that doesn't confirm anything with the structure price carved out. If price raises with strength tomorrow, WITH MACD, then it supports the micro count. I want to see price breach $196.35 to lend credence to a bottom being made.
If price doesn't do what's mentioned above, I lean towards another low around the 1.0 eventually. This structure / price action just seems to overlapping for me to say with certainty we're headed up for (3) of ((3)) especially given the condition of the overall market. With the larger count seeming to point lower, I have to side with it. As I mentioned before though I am to torn between the two counts to make a call. Hopefully tomorrow will give us the answers we seek.
I am not switching the color of my counts at this time. Just consider each count having an equal chance of coming to fruition.
Trade active:
I'll make a new post tonight, but I'm going to start layering into Tesla. Bought 20 shares post market
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
Although price moved higher today along with MACD, MACD didn't make a new high and instead behaved like a b wave. Price action appears corrective too. I will update tomorrow if price gives us any real answers.