TESLA (Y20.P4.E1).Macro.Upward pressure
Updated
Hi,
Keeping it short with the following observations:
With the news on Tesla having a better battery technology product, it doesn't surprise me that the price doesn't want to fall.
Generally this type of structure, I would look to the downside as it has a similar structure to GOLD at the top end, a fractal.
However I have the following reasons to justify why this will likely to go up some more.
a) Symmetrical triangle squeeze in an uptrend;
b) Daily 50 EMA lately acting as support with historical 21 EMA with the daily trend;
c) Fib levels has confluence with the daily ema support levels;
d) 2 indicators on the daily showing confluence with the price action; no bearish divergences, if anything, stoch shows bullish divergence; Note, RSI on the daily is above 50%, 54.9% to be accurate.
2 entry points on the chart; point E (based on elliot wave methodology for symmetrical triangle) is likely confirmed at the 0.382 level already.
Hence price is likely to go up as support seems to be holding at this level.
Please give me a tick or like for this post.
Regards,
S.SAri
Ref. A.Chart
GOLD Fractal, if price doesn't hold at point C
Keeping it short with the following observations:
With the news on Tesla having a better battery technology product, it doesn't surprise me that the price doesn't want to fall.
Generally this type of structure, I would look to the downside as it has a similar structure to GOLD at the top end, a fractal.
However I have the following reasons to justify why this will likely to go up some more.
a) Symmetrical triangle squeeze in an uptrend;
b) Daily 50 EMA lately acting as support with historical 21 EMA with the daily trend;
c) Fib levels has confluence with the daily ema support levels;
d) 2 indicators on the daily showing confluence with the price action; no bearish divergences, if anything, stoch shows bullish divergence; Note, RSI on the daily is above 50%, 54.9% to be accurate.
2 entry points on the chart; point E (based on elliot wave methodology for symmetrical triangle) is likely confirmed at the 0.382 level already.
Hence price is likely to go up as support seems to be holding at this level.
Please give me a tick or like for this post.
Regards,
S.SAri
Ref. A.Chart
GOLD Fractal, if price doesn't hold at point C
Note
Weekly chart, some downward pressure, which can equate to the double top, or near abouts. Need to see the Phoeix gray energy approach or pass 50% to be confident upward pressure is present.Trade closed: target reached
there is more to go but I'm closing this post.Note
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