This looks like an expanding zig zag correction (purple) within a very big bullish megaphone (a run over 500 by 2021). How low the correction goes is up for debate but a #5 run on this chart would be quite something. There are very few stocks I like right now going into a possible recession (yes I'm bearish almost everything) but I like Tesla.. Yes, I like Tesla... but it may be smart to wait for confirmation on direction by sticking to the moving averages to follow the trend. This is not a simple trade seeing as the wxy (or triple zig zag wxyz) is expanding painful descending fashion. This is the type of trade you'd want to go easy into and consider how far the corrective wave can go!
Note
tsla is about to run. It broke above this descending wedge.. these are often bullish. Watching for a possible xabcd gartley/butterfly/batt/etc pattern where price could move up short term to 245-260 over next few weeks... tsla looking good! Note
Come on tsla, go boss mode Note
moving average cross = resistance right now Note
sold some calls today around 244. Text book move. I'd love to reload if it falls down... big IF Note
possible xabcd- quite bullish either way. I suspect pullback, rally into earnings, possible drop to 190's-206 range if this pattern holds water. Any drop down there would be another screaming buy to me- Note
chart below shows 3 possible xabcd patterns that could play out. Gartley, butterfly, crab- all bullish patterns but where oh where would it turn? I'm leaning towards a gart pattern. I am waiting for confirmation if we turn at (C). I might consider a strangle at (C) and hold until that first D measure to close any put options. No confirmation on this pattern yet- just keeping an eye on it: Note
potential pivot to the downside here. Bear div. and potential xabcd.. we'll see Note
wow! Confirmation- NO XABCD! ha. Too bad I sold my calls. I was really hoping for discount prices.. oh well Note
I somewhat missed this triangle launch pad.. I'm may consider a short over 360 ish. Note
Note
tsla oh tsla- we just love you. Watch for fake breakdown before possible spike up to trendline above.. a strong possible move.. perhaps followed by enormous sell off Note
resistance level up here- caution.. does it blow through? It could but I think it could pull back. Note
WOW.. WHAT. INCREDIBLE!!that's a lot of unfilled gaps but MY GOODNESS
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.
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.