Short

$50 Bear Case for Tesla

First off, I love Tesla and Elon Musk. I take no joy in sharing this possibility. What it looks like could be unfolding is a double head & shoulders. Around $370 is first support. If that breaks hard, looking at $240 for a bounce to the neckline of the larger pattern before dropping down to the $50 level. Also concerning is the recent high appears to be a Wave 5 top on the monthly. What a bummer.

https://www.tradingview.com/chart/7mNkEco7/

imdp

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