Moneymakero

The importance of inter market analysis TSLA v.s XLY

Long
AMEX:XLY   SPDR Select Sector Fund - Consumer Discretionary
This is how I knew Tesla was ready to reach new highs. Stocks tend to follow their respective sectors. I noticed the fractal on XLY a few weeks and recently started noticing the same pattern open TSLA , this means that Tesla is looking to head up. I only trade Elliott Correction Waves. I do this because it's the only tradable pattern that I can quickly observe. Every other pattern is noise to me. Most market moves in a perpetual series of impulse and corrections waves. There are three kinds of Elliot wave corrections, running, regular and irregular flats. Tesla's chart pattern is a prime example of a running flat Elliott correction wave. We observe a similar pattern for XLY reinforcing the readiness of Tesla stock for further upside.