Tesla is currently experiencing a 5 wave impulsive move from the lows of the tarriff turmoil zone, and seeing increasing strength as it climbs and consolidates.
Generally, whenever you have strong bounces such as this one, you can look for a 5 wave impulse move and utilize fibonacci extensions which innately use mathematics to correlate the momentum relationship between each wave.
At present, we have already seen the first 2 waves, which are quite clearly defined, and now pulling back wave 4 for the last 5 wave blow off.
Using the trend based fib extension from the bottom of wave 1, to wave 3/4 to measure the expected move to the 0.618 extension. Meaning, the last wave is generally approx. 61% the size of the first initial wave.
This is a nice 30% move , and can be quite profitable should it materialize. Stoploss is below $312 on a daily close.
Good luck!
Generally, whenever you have strong bounces such as this one, you can look for a 5 wave impulse move and utilize fibonacci extensions which innately use mathematics to correlate the momentum relationship between each wave.
At present, we have already seen the first 2 waves, which are quite clearly defined, and now pulling back wave 4 for the last 5 wave blow off.
Using the trend based fib extension from the bottom of wave 1, to wave 3/4 to measure the expected move to the 0.618 extension. Meaning, the last wave is generally approx. 61% the size of the first initial wave.
This is a nice 30% move , and can be quite profitable should it materialize. Stoploss is below $312 on a daily close.
Good luck!
Trade active
Leggo Note
If this is the low, i will adjust the Fib level as it now shows approx $400Note
Bullish divergence on this drop on the lower time frame Note
Crazy news released today, a fued between trump and Elon. Personally, from my own experiences I have seen the bad news come in at the lows to manipulate prices, so for now, I will remain in this trade and actually add a small bit to it as I feel this news may get reversed. I will adjust my stop for a loss of the gap fill. Adding slightly more risk, however the R/R is still good for me.
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Stopped for now on this redicolous drop from some tweets. True market manipulation. For now, will watch for better entries as we are coming into an interesting zone. Perhaps around 270 POC or so. Trade closed: stop reached
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Currently reclaimed the VWAP after a major bounce at the POC as I planned for yesterday. Lets see if we can bounce here for another entry Note
Took the re-entry on the bounce at 293 as planned. If we reclaim 315, then it would be bullish for me as this was a massive whiplash reaction, and potential short squeeze to follow. Note
Compound zone, stop is below the previous wick lowNote
great reaction Note
why i used fibonacci for trend reversals, the 618 is a key zone Note
Would love to see this as a reclaim of the downtrend vwap Note
Bouncing exactly where I have expected. I will keep a stop if we start closing daily below approx $308Note
rotating from the exact zone I wanted to see a bounce Note
Nice bounce, perfect entry off the 618 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.