Tesla has tagged the .786 and has reversed from $360, perhaps for good. but now you can wait for the rising wedge breakdown target (Green box)
We have touched the .326 so we are allowed a strong bounce. More down coming, perhaps though. If we can get back into that channel it would be better... but we are retesting the underside.
Call me foolish, but the purple circles show the similarities of previous bull flag and now. Could be a bull trap. I have orders set lower but I am buying a little now too. Too many people looking for the dip keeping the price up. Should be in a long post-bubble downtrend, and maybe is, but shows alot of strength in the face of market turmoil.
Orange boxes indicate gaps on the way up. I hear gaps aren't really a thing, but then I hear they are like black holes that attract price back to them. Price has retraced to the .236 so far. With Model Y deliveries coming, price may not retrace below the uptrend line. Or perhaps we need to go to the .5 fib at the first orange gap box, or farther. 1st quarter...
Creating a channel from significant lows and highs helps simplify this price action and possibly even make sense of it. A reset from the top of the new channel to the bottom of it is all this might be. Welcome to the new trading range? Also would be a reasonable re-test of the previous channel that price occupied for a while.
Will we drop to one of the green boxes for support bounce, or stay in the crazy steep recent channel?
(1) Cup and handle forming. Could leave the triangle from here . (2)Also could bounce off the green square and go up and out. (3) Could fall out of triangle into lame weakness. Which would be uncharacteristic for a strong winner like TESLA. If breaks out from cup and handle we see a potential for mad gains. Target would be red rectangle. Be careful, friends.
Shopify Fib Channel study. Shopify is amazing if you know or learn about it. Company makes it easy to start a business online, from anywhere, with tons of support, and rewards for improving the site. Major.
UBER on the move. Looking to pass previous highs at 3.618 for next fib target at 4.618. See chart.
Seeing how this study ages. Placed here for my own future reference.
There's no telling what it might do from here, at the 1.618, currently. Could keep running, but volume is diminished as price continues. Little bitty inverse Head and Shoulders on RSI could be a tell tell of more upside. Next target up (not a straight line) could be the 2.618
SPCE plenty of room in Space for everyone.
CGC Touched the .786 back in Nov and is working its way back into pattern. Can hold to the downtrend line for profit, assuming continued positive general direction holds. :-)
This makes that big run-up look small. Let's give it some time and space to grow.