Up front I have no position in TSLA just an interested observer. To my eye, and count, looks like a classic case of a blow-off 5th to end an incredible 3rd wave. Would not want to be long this sucker. As always with bubbles/blow-off 5ths it can keep blowing-off for awhile longer but it's getting very close to a major pullback IMO.
Rarefied air up here very close to multi-year top IMO. Sure, we can grind higher for a few months .. but all you buyers, look at the trajectory of this weekly chart. Do you really think it can keep going straight up for much longer?
I know everyone and their dog believes we are in a bull pennant and are looking for another leg up; however, I present the bearish case. I can make a solid case for AMZN having completed a multi-year run and has begun, in fact, the correction process off that top.
Hello all - I'm coming out of the wood work for a rare chart post. Very simple elliot wave chart - the simpler the better IMO. It appears to this humble chart prognosticator that the odds are increasingly likely we are close to completing a multi-year top in the indices. Buyer beware.