Pulled up the weekly chart with the stochastic RSI & I have found this sell off is EXACTLY like Q2 2019
Below, I calculated the days since the weekly S.RSI bottomed & we came to (8 bars, 56 days) which pointed me at where we stand today
Then I compared it to the 2019 sell off & found that 8 bars after the S.RSI hit rock bottom, it would put you at the April 29 candle!!
THE SAME CANDLE WHERE WE SAW A DEAD CAT BOUNCE
Now I don't have a crystal ball, but given how momentum isn't coming to Tesla right now despite a nice bounce...
I think one more dip will take place OVER the next 4 weeks, THEN a substantial rally from here
Ironically 4 weeks from now would be Q1 2024's earnings week, THAT could be the bottom in Tesla once & for all
Below, I calculated the days since the weekly S.RSI bottomed & we came to (8 bars, 56 days) which pointed me at where we stand today
Then I compared it to the 2019 sell off & found that 8 bars after the S.RSI hit rock bottom, it would put you at the April 29 candle!!
THE SAME CANDLE WHERE WE SAW A DEAD CAT BOUNCE
Now I don't have a crystal ball, but given how momentum isn't coming to Tesla right now despite a nice bounce...
I think one more dip will take place OVER the next 4 weeks, THEN a substantial rally from here
Ironically 4 weeks from now would be Q1 2024's earnings week, THAT could be the bottom in Tesla once & for all
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.