Tesla Update: Target Reached

I was skeptical on weather Tesla had the strength to make it up to my target box but somehow it mustered the strength with the rest of the market and pushed higher. The strength seen today shows that it is clearly impulsive and thus must be a C wave. With the moves that were made today we now have a complete pattern to fulfil our (B) wave. I would not be one bit surprised if we pushed higher through the overnights and tag the 1.0 @ $259.15 or the 0.618 @ $262.52. Technically speaking, we could raise to hit the 0.786 fib retracement but with the position the S&P and NASDAQ are in, I find that unlikely.

As you know, if you read my updates and posts, I am short 5 puts right now with s strike of $215 and an expiration of 9/29. C waves normally last about as long as the B wave, so that means I should have an extra 2 weeks of padding in case the count runs longer. Time is never on the buyers' side though so I would like to be able to offload these sooner than later.

Once we have our official top in for (B) I will start to dial in more precise targets for our C wave bottom. That will be a great long entry point for those looking. For now, I am going to sit tight with my 5 puts, and if price gives me the opportunity, I may buy a few extra. If so, I will post on here. I work tomorrow so won't be able to watch it all day but will do my best to update as needed.

Bonam Fortunam,
--Tyler

Comment:

0.618 is next line of resistance. Then if that doesn't hold the 0.786 starts to come into view

Comment:

Hit the 1.0, if we drop from here it is likely our top