Today we got what I believe is the (c) wave of 2. I didn't expect Tesla to move so quick and strong honestly (should have seen it coming since I worked today). Sure, I figured we would rise above the pre-market open @ $249.98, but to finish pushing past the 0.618 is something that shouldn't be ignored. Ultimately, we came just .08 cents shy of the 0.236 fib line of i-ii and then dropped down. This usually suggests the fib line has a higher chance of holding up resistance.
Our friend MACD is telling us on the 3min micros this move up has been on neg div since 8:45 @ $252. So yes, this move up has been strong, and impulsive looking, but regardless we are due for a move in the opposite direction. There is a chance we jump higher, and this has all been the start of wave (3) of 3. The start of this move off the $212 bottom looks anything but impulsive due to all of the overlapping. Even the move down on Friday last week over-lapped the last 2 highs made. Like I said it's not impossible, we could raise in a bullish fashion next, but given all the subtle clues we are being given I believe we have a much higher chance of dropping from here. For instance, notice the single green fib line? That is the 1.0 of the A-B waves of (B) which is a very very common end point for this type of move.
As of now I would expect this move down to be completed no less then 8-10days from now. Sure, we already have a wave 1 and what appears to be a wave 2 (not confirmed), but we still have waves 3-5. Wave 4 will most likely be long and shallow given how deep and fast wave 2 has been. Only time will tell though. I am off tomorrow and will be watching price action all day...including when premarket opens @ 0300hrs......
Tomorrow, I don't want to see price break today's high. Yes, technically it can, but to do so gives it a much higher chance of raising past our previous local high of $261.17. As I have said before, use stops for your own individual risk tolerance. I cannot and will not tell you what to do with any trades you make. I post an analysis on here stating what I think price will do. I also place any and all trades I make regarding Tesla on here. Do with that what you wish.
Bonam Fortunam,
--Tyler
Our friend MACD is telling us on the 3min micros this move up has been on neg div since 8:45 @ $252. So yes, this move up has been strong, and impulsive looking, but regardless we are due for a move in the opposite direction. There is a chance we jump higher, and this has all been the start of wave (3) of 3. The start of this move off the $212 bottom looks anything but impulsive due to all of the overlapping. Even the move down on Friday last week over-lapped the last 2 highs made. Like I said it's not impossible, we could raise in a bullish fashion next, but given all the subtle clues we are being given I believe we have a much higher chance of dropping from here. For instance, notice the single green fib line? That is the 1.0 of the A-B waves of (B) which is a very very common end point for this type of move.
As of now I would expect this move down to be completed no less then 8-10days from now. Sure, we already have a wave 1 and what appears to be a wave 2 (not confirmed), but we still have waves 3-5. Wave 4 will most likely be long and shallow given how deep and fast wave 2 has been. Only time will tell though. I am off tomorrow and will be watching price action all day...including when premarket opens @ 0300hrs......
Tomorrow, I don't want to see price break today's high. Yes, technically it can, but to do so gives it a much higher chance of raising past our previous local high of $261.17. As I have said before, use stops for your own individual risk tolerance. I cannot and will not tell you what to do with any trades you make. I post an analysis on here stating what I think price will do. I also place any and all trades I make regarding Tesla on here. Do with that what you wish.
Bonam Fortunam,
--Tyler
Comment:
So far so good
Comment:
Still expecting another low on pos. div. There is a good chance I will unload a good portion of my puts if I am correct due to there being another retrace coming up
Comment:
MACD showing mixed signals. Make sure you are paying attention to your positions and using your risk management system
Trade closed: stop reached:
Sold 2 puts for a small profit
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
