Tesla Update: Up as Predicted
Updated
As I stated in my last post, the ALT count and my primary analysis both had the same probability. However, I favored moving upwards instead of dropping back down to the $160 area. One thing, you may always notice, guides my decision making more than ANYTHING else. It's not even a competition when I say, "MACD is THE GOAT"!!! I don't even have a volume indicator on my graphs....because I DONT NEED ANYTHING ELSE. Every indicator out there has their own uses, but for me they're nothing more than extra noise in an already difficult market to predict.
Let's see if we can make an example of this last leg up to form our wave 5 of 1 of (c):
Looking at the MACD it seems as if price has peaked, and this current move up is over before we retrace for wave 2. Which, mostly, you would be correct. However, something else you hear me say a lot is, OMH or OML. In this instance, i will say OMH is needed, and it will be made on Negative Divergence. That means the MACD will be headed downward while price is headed upwards...towards my target of $174.87-176.03...for OMH.
Obviously, this doesn't play out 100% of the time, which is why you need more than just one thing to govern your decision making. MACD, used in conjunction with EWT, is all one needs to be successful while trading. Technically speaking this count could be considered complete according to EWT rules/guidelines. It made a new high past wave 3 and that's all that was needed. Using the MACD and my experience with EWT though, I believe we have OMH to make.
After we finish this wave 1 of (c) we should move down to around $168-$170 area before we jump in our wave 3 of (c) up to the mid-high $180's. The lower this wave 2 drops the lower our overall target for ((B)) drops so let's hope it isn't too deep. Usually, I try not to scalp during wave 2 because you don't know it if will be shallow or deep. They alternate with wave 4 though, so if our wave 2 is shallow we can expect wave 4 to be deep and a good place to scalp.
All that being said, if anyone has any questions please ask. I'd be more than willing to answer them and will do so with-in 24hrs. Give me a FOLLOW if you like what you see! Don't just take my word for it, go look at my past work. It speaks for itself!
Bonam Fortunam,
--Tyler
Let's see if we can make an example of this last leg up to form our wave 5 of 1 of (c):
Looking at the MACD it seems as if price has peaked, and this current move up is over before we retrace for wave 2. Which, mostly, you would be correct. However, something else you hear me say a lot is, OMH or OML. In this instance, i will say OMH is needed, and it will be made on Negative Divergence. That means the MACD will be headed downward while price is headed upwards...towards my target of $174.87-176.03...for OMH.
Obviously, this doesn't play out 100% of the time, which is why you need more than just one thing to govern your decision making. MACD, used in conjunction with EWT, is all one needs to be successful while trading. Technically speaking this count could be considered complete according to EWT rules/guidelines. It made a new high past wave 3 and that's all that was needed. Using the MACD and my experience with EWT though, I believe we have OMH to make.
After we finish this wave 1 of (c) we should move down to around $168-$170 area before we jump in our wave 3 of (c) up to the mid-high $180's. The lower this wave 2 drops the lower our overall target for ((B)) drops so let's hope it isn't too deep. Usually, I try not to scalp during wave 2 because you don't know it if will be shallow or deep. They alternate with wave 4 though, so if our wave 2 is shallow we can expect wave 4 to be deep and a good place to scalp.
All that being said, if anyone has any questions please ask. I'd be more than willing to answer them and will do so with-in 24hrs. Give me a FOLLOW if you like what you see! Don't just take my word for it, go look at my past work. It speaks for itself!
Bonam Fortunam,
--Tyler
Note
Notice the negative divergence I mentioned last night, then made the OMH I called for right up to the 2.0 fib in my target box. Looks like we have a & b waves possibly complete. If that is the case I would expect Wave 2 of (c) to finish just under $172Note
This is either neg divergence on the 1HR for the OMH or wave 2 is already done and we're headed up to wave 3.Note
I will try to make my normal post tonight but wanted to remind everyone....update your stops!! Today was a good day and you should protect your profits. Mine at this time is $172
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
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