Tesla drop stopped right onto what would be its right shoulder of a bullish reverse head & shoulders pattern.
As long as this support holds, the potential is bullish towards the all-time high near $414.50 then $500.
Otherwise, a break below the recent low near $194 would invalidate it and would probably mean that Tesla is in a longer process triangle...
The VIX seems to have validated a bullish pattern, the reversed Head & Shoulders with a target around 27 and intermediate resistance with the line linking the tops near 24.
Only a break below the shoulders level around 15 would invalidate this view.
Gold seems to have completed its corrective wave and ready to move back higher towards 2470.
A break above the previous all time high near 1920 would give even more weight to this call.
On the other side, a break below the recent low of 1810 would reduce our conviction.
A break below the uprising trend line near 1740 would invalidate this view.
The TNote (US 10 year yield) has entered its target area for this up movement from the bottom.
Resistance area is between 4.65% to 5%.
We are expecting a pullback below 4% for the next months.
Then the uptrend should resume towards 7%, possibly higher.
A break above 5% would invalidate this view.
Tesla (TSLA) seems to be in a bullish situation with a reversed head & shoulders pattern targeting the all time high near $415.
The Elliott wave count also seems bullish towards at least $325 with possible extension towards $415.
Euro Stoxx futures are looking highly toppish, trading near important resistance levels, Elliott Waves targets and showing bearish momentum,
There is a possible huge downside scenario that would imply a more than 80% correction on the index, towards the 831 level.
A breakout above the recent highs, near 4513, would invalidate this view.
Tesla (TSLA) has reached its resistance of the lines linking the tops and has reached its overbought area on RSI(5) on a weekly basis.
We are expecting a pullback, as long the resistance near 300 is holding, towards at least 241, 218 or max 140.
The S&P500 has reached its rebound B wave target area near 4400.
We are now expecting a drop towards the line linking the lows since 2008, near the 3100/3000 area.
RSI-14 is also at resistance.
A break above 4620 would invalidate this bearish view.
THe US 10Y treasury yields seem to have reach an important exhaustion point to complete its A wave. Expecting a pullback towards at least 3.40% if not 2.83%. Then another up-wave should follow that could reach the 7% eventually.
The various scenarios that I see for next few months on the S&P500 all look to the upside. Sentiment has recently been among the most bearish ever (which is bullish) and so has been investors positioning. Seasonality is highly bullish and so is the presidential cycle (October to April of the 2nd year). Lots of elements are in place to fuel a continuation to the...
The QQQ is on support of the line linking the lows. Oversold and 5 waves completed for (1) of C, would be due for a rebound for wave (2) of C. A break below the line linking the lows would probably mean extensions and further downside.