TSLA 30 Min chart
Updated
TSLA so far has been following the downtrend that was prominent last week. I placed a retracement from the beginning of this downtrend until the end where I begun to see retracement. Price action bounced off the .382 level and continued its strong downtrend which is to be expected considering its current strength. Three things could happen based on this continuation:
1. Buying pressure comes in and forms a double bottom pattern
2. A complete ABCD pattern is formed that bounces off the 1.272 or 1.618 FIbonacci Extension Level
3. A continuation of the B retracement occurs and selling price action continues
1. Buying pressure comes in and forms a double bottom pattern
2. A complete ABCD pattern is formed that bounces off the 1.272 or 1.618 FIbonacci Extension Level
3. A continuation of the B retracement occurs and selling price action continues
Note
Price action bounced off the 1.618 Fibonacci Extension Level quite accurately and there is currently a strong green bar off this bounce. tradingview.com/chart/ncKv4aQJ/
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