TSLA needs to come down still me thinks... You can see the slanted Wyckoff distribution tracks perfectly with the top example in this screenshot here ibb.co - had to do this because every time I upload this idea, it misaligns a lot of the drawings (though if anyone can tell me how to post an image into these comments, that would be useful).
We've hit the Wyckoff distribution resistance, and TSLA is now showing/at SOW.
With that example in mind, it suggests we still have some room to fall on this small time frame distribution.
On a larger scale, we are still falling to hit the SOW in phase B.
On an even larger scale, we still haven't retraced enough from the peak of the inverted H&S pattern.
H&S pattern retracement theory standards are to fib levels 0.382 ($220), 0.5 ($205) + 0.618($189).
The SOW in phase B can hit down with quite some force, so I'm expecting it to most likely close the gap down at 212 (completing the necessary retracement for the inverted H&S too).
Once hit (hopefully ahead of Tuesday 4pm earnings report but who really knows), I expect a move to the upside to hit the UT in phase B.
Having done some backtesting I’ve found the exact same pattern a number of times, and once the AS has completed, it’s a fast move to the upside which would lineup to an earnings report style move IMO.
If I've missed something/something doesn't make sense/I’m clearly wrong somewhere, let me know :)
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PLAN: close short @210 range (could reverse within the range of 205-220)