TSLA: Correction potentially over
Updated
I'm long TSLA from here, risk is $19.83 per share. I expect a short squeeze rally to come after the merger news come out. If price drops lower, I'd look to buy near $150, but I doubt it'll happen. Long term, buying in this wide range, between 150 and 200 is possibly a great trade.
Technically wise, price appears to have formed a falling wedge, maybe the last wave of a correction before more upside. If that's the case we'll see a very rapid rally back to the $270 mark in 1/4 of the time it took to fall down from it. Additionally, we're up for the day here after testing a low volume support level from the weekly, so we have a low risk long opportunity in play.
Refer to Tim West's TSLA Elliott Wave count for more information. (keep in mind this is my interpretation of the chart. If you have any doubts about the wave count, contact Tim.
Good luck,
Ivan Labrie.
Technically wise, price appears to have formed a falling wedge, maybe the last wave of a correction before more upside. If that's the case we'll see a very rapid rally back to the $270 mark in 1/4 of the time it took to fall down from it. Additionally, we're up for the day here after testing a low volume support level from the weekly, so we have a low risk long opportunity in play.
Refer to Tim West's TSLA Elliott Wave count for more information. (keep in mind this is my interpretation of the chart. If you have any doubts about the wave count, contact Tim.
Good luck,
Ivan Labrie.
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Absolutely spot on...85% approved the Solar City merger, we can expect a massive short squeeze to begin.Comment
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Acting great...hold.Comment
Great progress, let it run.Comment
You may reenter or add here.Comment
We might be seeing a double bottom here, but it's not entirely clear yet.Comment
We have a 10 bar mode and uptrend signal now, I'll add another position tomorrow, ideally on dips.Comment
seekingalpha.com/article/4029605-teslas-short-interest-surges-solarcity-dealWe can see a huge short squeeze here soon. Hold longs.
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215-225-227 next.Comment
bloomberg.com/news/articles/2017-01-14/spacex-successfully-launches-rocket-with-payload-of-satellitesSome good news at last...
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