$TSLA aka Elon Musk's Tesla
Attached: Weekly Price Chart as of 14th October, 2022
- Price has triggered a Head & Shoulder TOP Pattern Breakdown
- Tesla still has a PE of 74 which is Overvalued and Expensive compared to Peers and Unsustainable in a FED Tightening Environment
Elliot Wave Counts say that a Larger Degree 5 Wave Impulse in Wave 1 has...
Holding this Price Support zone of 180 to 174 as Stop Loss
You can Buy at CMP of 195
For a Move back upto Targets of:
And 180 is also where the Previous 4th Wave is, hence the Minimum Requirement as per Elliot Wave for Wave 2 Retracement has been MET
Main Point being: Tesla Price is now at a Value Zone where Risk/ Reward is in...
Attached: Daily Chart as of 14th October 2022
- Triangle in (B) Wave has completed
- Triple Bearish RSI Divergence
- Flat to Down Tilt in 20 DSMA
Stop Loss above 1080
Target 🎯open to Lower Bollinger Band/ 1050📉
Reasons for Short as follows:
1) Classic Head & Shoulder Breakdown Pattern
2) Price trading near 52 Week Low Zone
3) IT Sector is the Weakest and Leading the Bear Market
4) Global Recession means Slowdown in Revenue for these IT Companies
Stop Loss above 1420
T1= 1320/ 1300
T2= 1250 ish zone
The Short Setup is as follows:
Elliot Wave Standing Point:
Rise from Covid Lows can be marked as a Diagonal in the form of ABCDE and Wave E just completed in September
For the Short Term as per Daily Time Frame, we can see the following Observations:
1) RSI gone below 40 ✅
2) ADX at 24 rising, DMI in Sell Mode ✅
3) Super Trend (10,3) gone in Sell Mode ✅
- So Wave E high did not get taken out all this while even though, hence Setup still valid
- A 5 wave Fall (Wave i) on Hourly Charts can be Counted from Wave E high
- A 3 Wave Corrective Rise (Wave ii) in the form of an Expanded Flat retraced 0.618% of the Fall from Wave E high
- Price did Wave i and then ii, and now iii on Downside has Started📉
Wave i= Wave iii...
Attached: Hourly Chart
A Clear Cut Distribution Pattern is visible for Bajaj Finance. This Pattern is called the Head & Shoulders Top Pattern and is a Trend Reversal Pattern.
In this case, there is a BEARISH Implication
One can Short at CMP
Stop Loss above 7380
Downside Target open to 6900- 6800
And Happy Trading!
If you like my work, then check...
Attached: Daily Chart as of 11th October 2022
Price has confirmed the Double TOP Breakdown today as 3450 Neckline broken✅
Price also broke Trend Channel drawn from May Low✅
Downside Target has opened to 3240🎯🔨📉
Stop Loss above 3450
The Short Setup is Very Clear here + on Friday there was a News Item: "RBI bars Mahindra Finance from using third-party recovery agents after Hazaribagh mishap" which is serving as the Catalyst for the Selling Pressure in this Stock. M&M Finance involved in Unethical Practices and hence the Stock Price is being Hammered.
A Classic Descending Triangle on the...
Elliot Wave Counts are evident in Chart:
Rise from 23rd August is an ABC with C being an Ending diagonal, and on Friday there was a Clear Breakdown of the same.
Downside Target open to 372 - 360 (Lower BB)
Stop Loss > 410
Elliot Wave Count:
Fall from Feb 2022 highs is in 3 Wave as ABC which is (W)
Rise is an (X) Wave with Lot of Overlapping, Falling Volumes and a Bearish RSI Divergence
Now Wave (Y) on the Downside is playing out
Stop Loss above 241
BEARS to Attack SRTRANSFIN!
A Head & Shoulder Top Pattern is visible
EW count says 1 of (C) done as the 'v waves' marked
2 of (C) done as rise from 23rd August Low is overlapping
Now 3 of (C) down should start
STOP LOSS > 1400
Bajaj Finance has done a clear 5 wave Impulse and then retraced within 38.2% of the up move. So wave 2 down is complete and wave 3 up is about to kick off taking the Stock to New All Time Highs !
MACD remains in Buy Mode
RSI is well placed for Long
Price is above 20 Day SMA
Hindalco is Ready for its Next Up Leg supported by Rising Volumes and also could give more Fireworks on the back of Positive Earnings.
A stock that is at an All Time High is in Blue Sky Zone and can keep going UP!
Long Hindalco Positional:
- for Target of 480 possibly in May Series itself
- with Stop Loss below 385
Copper and Aluminium Prices are also at Record...
DO NOT EVEN THINK ABOUT SHORTING looking at this Super Bullish Structure:
We have a Failed H & S Top Pattern + Falling Wedge Breakout + Inverted H & S breakout + 123 Reversal Pattern Breakout
- This Stock can head back to 1405 or even make new ATHs !
- The path is following an Ascending Channel, and looks like an easy one way trip to 1300 - 1320
- Gold prices...
Technical Breakout today on the Charts + News Driven Trigger of the Sputnik V Vaccine today. What else is needed in the Setup?
- 5200 might as well be achieved this week i.e. November expiry, quite a high chance
In addition to Nifty Pharma index is also in Bullish mode, Expecting Dr. Reddy's to see New ATHs soon too!
Reasons to go Short on Nifty:
- Rising Channel/ Rising Wedge/ Ending Diagonal Pattern (call it whatever) has formed on Nifty 4Hr Chart
- Triple RSI Bearish Divergence + MACD Divergence
- Today we saw a Steep Sell off (Wide Range Bear Candles)
- Market breadth has shifted in favour of declines to 1:2; it was at 6:1 during the opening today
- On Nifty's Daily...
If you check my Last Post on SBI Cards, I was Kind of Too Early to Call the Tops as the Wave count got Extended.
But even keeping aside Elliot Wave since its forecasting in nature and not that Accurate since Counts keep changing and there are always Alternate Count views.
So even going by Traditional Price Volume Action which is a LOT MORE Reliable than Elliot...