As we can see, TSLA is approaching to a major support level. Soon, it will be decided that the price go down continuously, or bulls enter the market and its correction takes place. Yet, we have got no confirmation that it will stop there so far.
That is what I see. The jump started when the rumor about the Trade war between China and the US. However, recently, it failed to negotiate. Therefore, we are seeking for a big short. The drop took place, yet it's now retesting it.
WTI finished its ABCDE correction. So, I suspect that this is the beginning of a new wave. As we know the rule, it has to retrace back to 0.618 and this is where we are now. 3rd wave is the longest. I am waiting for a reversal candlestick pattern to join this new journey.
So, now it's recognizable that the price is wedging. Most cases, this sort of wedge is an indication of up trend. However, it's always better to wait until breakout takes place. Once it happens, we have to wait its pullback. Previously, I was always trying to execute a trade by just guessing a breakout. I lost a lot. Trading requires discipline and patience.