A potential area for a low-risk high-reward trade. The area marked is an AB=CD move that will happen above a prior high which means stops might be taken which will provide ample liquidity for a move down. Additional confluence - this happens at the 61% Fib retracement level, and also the 200EMA of the 4-Hour Chart. Overall the price is at the 20 Daily EMA area so...
I am placing an order where the red box is. Entry is the upper side and stop loss is the opposite end. Placing my order behind a previous low where naturally stops will reside - this low is also a previous daily bar low. My entry and where the AB=CD ends is at the 20 Daily Moving Average so expect a bounce from there. The fans of harmonic patterns can recognize...
Inverse head and shoulders. Rejected the neckline, wait for a clear break out of the 775. Crossed up the 20ema and when TSLA does this it tends to go ballistic. I would see it run to the area of resistance of the 20ema. In addition to that DMI is bullish right now