Tesla Update: Tomorrow Should be Red

The last couple days have been very green especially for Tesla as it rose past $241 today. That played out exactly as I predicted it would. After that however, the B wave was a tad steeper than I thought it would be and we consolidated sideways for the rest of the day bouncing off of and being contained by my top channel. I expect tomorrow, after struggling with-it all-day, Tesla will bounce/drop pretty hard with the rest of the NASDAQ. It may start out a little higher from the overnights but by the end of the day I feel Tesla ends red.

As of now structure says we head lower next for our B wave, to the low $220 area with the higher teens possible. This should take us a couple days though; I don't anticipate it to happen all at once. I would expect by Friday, we will have completed B and be ready for C wave up to finish out the (B) wave. If this is done by the end of the week that would give C about 10 days to complete in keeping within our timeframe. Price does what it wants though, and this move down could be choppy and last longer than expected.

I work the next two days and will update as much as I can. If my count is correct though, our buy opportunity won't happen until Friday anyway. Good luck everyone!

Bonam Fortunam,
--Tyler

Comment:

I don't have time to analyze it but if we make a high above premarket high there is a strong possibility this B finished early. The other potential is that this move down since $299 was all of A,B, & C, and wave (2) would be done. Very precarious spot we're in.

Until a new high is made, I still expect a drop to my box.

Comment:

Bounced off the .618 @ $243.51 and then bounced down. Be careful with FOMO. This could all still be B. I'll try to update tonight around my normal time