Tesla : Fear factor
The very bearish count with the small wave B triangle played out very well. Looking at the wave count, a small bounce around 695 followed by a small rally is in play. Later price should drop lower again to find a bigger support around 650. The trend is down and price is still pretty high, so these small rallies are either people buying dips or short positions taking profit. Drops happen when shorts enter again or long positions exit. Since price went to very high levels very fast, there's a lot of longs still in play that will continue this behaviour.
Related publications
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.