$TSLA Tesla Major Correction Incoming
I won't pretend that Tesla's valuation as anything to do with reality, but signs are pointing to a significant pullback in the short term to the $1765 area.
Volume has increasingly fallen off each time it has tested the $1910-15 area. Expect
TSLA to test this level one more time. If it fails, it'll like fall through the support line unless the rest of the market is propping it up in a big way. North of $1915, and I would take the loss; however, I fully expect people will be taking some big profits after the 40% run up in the last few days - falling back to solidify it's base would represent a 23.4% retracement level from $1915. A double top will likely form on Tesla today, and we should see a very profitable pullback in the next day.
If the stock trends down the remainder of the day, expect that to accelerate into tomorrow w/ a big gap down likely.
Volume has increasingly fallen off each time it has tested the $1910-15 area. Expect
TSLA to test this level one more time. If it fails, it'll like fall through the support line unless the rest of the market is propping it up in a big way. North of $1915, and I would take the loss; however, I fully expect people will be taking some big profits after the 40% run up in the last few days - falling back to solidify it's base would represent a 23.4% retracement level from $1915. A double top will likely form on Tesla today, and we should see a very profitable pullback in the next day. If the stock trends down the remainder of the day, expect that to accelerate into tomorrow w/ a big gap down likely.
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