TeslaLong
Tesla Gearing Up For A 15% Relief Rally?
Updated
The projected down trend from last year with an extreme low value of $70 along with the update indicating it was not likely to brake $210 before declining farther have been very upopular but also very accurate forcasts.
Currently Tesla is showing a very familiar and very bullish pattern that will likely lead to a significant relief rally that could certainly turn into a full on reversal. The top of the move up and retrace of it and the amount of time it takes will be good indicators if further downside should be expected.
The pattern I am referencing is the sloppy hand drawn curve and square on the chart. The curvature of price action represents the rate of change in value vs time. As the curve rounds over flat it is showing that over time price is dropping less and less. On the top side of the trend you see the same curve in reverse indicating the trend has reach max momentum to the downside. Where these two points meet is where supply and demand are likely to be equal making a reversal even possible.
My personal forcasting principles are the ancient oak lives in the acorn, time cycles as the pendelum swings, and when time and momentum are square things change.... This is why these forcast focus on the initial impulse range after reversal, there is incremental time ticks to measure the rate of change in momentum to show its equal rate of decay, and curvature drawn to show when exaustion has occured.
Current Trading Plan:
Cover all short positions and accumulate net long for a relief rally.
First likely stop will again be the 180-175 area and possibly higher.
IF the relief rally developes the new trend can be analyzed for strength for indication if the further downside should be expected and an end of the short campaign.
Original tesla short projection and update should be linked below
Trade Well...
Your Friend,
Degen
Currently Tesla is showing a very familiar and very bullish pattern that will likely lead to a significant relief rally that could certainly turn into a full on reversal. The top of the move up and retrace of it and the amount of time it takes will be good indicators if further downside should be expected.
The pattern I am referencing is the sloppy hand drawn curve and square on the chart. The curvature of price action represents the rate of change in value vs time. As the curve rounds over flat it is showing that over time price is dropping less and less. On the top side of the trend you see the same curve in reverse indicating the trend has reach max momentum to the downside. Where these two points meet is where supply and demand are likely to be equal making a reversal even possible.
My personal forcasting principles are the ancient oak lives in the acorn, time cycles as the pendelum swings, and when time and momentum are square things change.... This is why these forcast focus on the initial impulse range after reversal, there is incremental time ticks to measure the rate of change in momentum to show its equal rate of decay, and curvature drawn to show when exaustion has occured.
Current Trading Plan:
Cover all short positions and accumulate net long for a relief rally.
First likely stop will again be the 180-175 area and possibly higher.
IF the relief rally developes the new trend can be analyzed for strength for indication if the further downside should be expected and an end of the short campaign.
Original tesla short projection and update should be linked below
Trade Well...
Your Friend,
Degen
Note
still expecting the push upNote
Note
Relief Rally Under Way....Note
The Tape NEVER LIES...Note
Relief rally may or may not be over but sure looks like it is.
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