TESLA Inverse Head and Shoulders starting a rally?
Tesla (TSLA) has been trading within a Falling Wedge pattern of Lower Highs (Resistance) and Lower Lows (Support). The 4H MACD formed a Bullish Cross 2 days ago and last time we saw such a bullish formation this low, was on August 21. That was straight after the first Low of the Falling Wedge, which initiated the bullish sequence that formed the Lower High of September 15 marginally below the 0.786 Fibonacci retracement level.
The August Falling Wedge Low was, on a shorter term framework, the Head of an Inverse Head and Shoulders (IH&S) pattern. Technically this is a bullish reversal pattern seen on market bottoms and as we saw it didn't fail to deliver a rebound. Typically their targets are the 2.0 Fibonacci extension only that time the rise exceeded it.
We see the same kind of IH&S emerging on the current bottom of the Wedge and now is forming its Right Shoulder. This time, the 2.0 Fib ext of the IH&S is marginally below the 0.786 Fib retracement level from the Wedge's last Lower High. As a result, we will target $250, which meets all the criteria for a new Lower High of the Falling Wedge.
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The August Falling Wedge Low was, on a shorter term framework, the Head of an Inverse Head and Shoulders (IH&S) pattern. Technically this is a bullish reversal pattern seen on market bottoms and as we saw it didn't fail to deliver a rebound. Typically their targets are the 2.0 Fibonacci extension only that time the rise exceeded it.
We see the same kind of IH&S emerging on the current bottom of the Wedge and now is forming its Right Shoulder. This time, the 2.0 Fib ext of the IH&S is marginally below the 0.786 Fib retracement level from the Wedge's last Lower High. As a result, we will target $250, which meets all the criteria for a new Lower High of the Falling Wedge.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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