TeslaShort
TSLA: Triangle or flat?
A temporary top is most likely in for TSLA. However, it is not going to be a 90% crash in my opinion. Love or hate Elon Musk, his antiques often hurt the share price and this time is no different. So far, the price action has been beautifully filling out a triangle pattern. And if the last leg of the correction is due, then price should not break below the $146 low. Ideally, price should find support on the upward trend line somewhere around $160 in the next 4-5 months to complete the triangle pattern and give us the wave five toward 1.618 fib level of the cycle degree wave 1 to complete cycle degree wave 3. The target could be whatever Cathey or other bulls have been telling us for years. For now, we need to watch the support levels. Below $160 we need to watch $146. If that breaks, then $100 comes in the picture. If that breaks, then $64 will be the last stand. If that breaks, then $26. But, right now, let's see how the correction plays out. If it a triangle, the E leg should be shortest in length and time. If it a flat, then C wave should be strongest and sharpest and might give the impression that the levels I mentioned above might come in play but won't happen.
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