TSLA Revised Distribution
Updated
Revised Distribution - TSLA is beginning or completing final Phase of distribution, I would like to see one more Liquidity grab (UTAD) to 0.382 Fib from all time Highs ($221) , but $200 call option wall may prevent this.
I would think that today would be the day to rally past $214 and drop below $200 in order for Wall-street to make most $ from Options. ... Still we could see this pattern continue into next week before final distribution.
*Past $224 with-out strong pullback or rejection will indicate that $214 was Buying Climax- not first UT* and $187.4 was the CHoch This could put UTAD past $240 before distribution -
We will see how price reacts with retest of $214 again
I would think that today would be the day to rally past $214 and drop below $200 in order for Wall-street to make most $ from Options. ... Still we could see this pattern continue into next week before final distribution.
*Past $224 with-out strong pullback or rejection will indicate that $214 was Buying Climax- not first UT* and $187.4 was the CHoch This could put UTAD past $240 before distribution -
We will see how price reacts with retest of $214 again
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This Kangaroo market is targeting options & shaking out retail swing positions- I am currently staying away from buying options lasting longer than the day. This market is great for day trading or staying with your mid-term bias, intraday swing trading is being shaken out on both ends to scare retail from their positions. TSLA looks to be maintaining a breakout to the downside on this bearish wedge/continuation diamond pattern.
Close below $195 maintains bearish theme
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and another Bounce!!! Bulls Prevented TSLA from Closing Below MY $195 Bear signal - Gap up above $200 was important for a bullish continuation ($197-$198 was strong resistance) If TSLA can close above $205 today with strong volume and above $198 on the monthly, then I think TSLA is highly likely make a new higher high to begin final phase of distribution...although**** this is Consolidation and could be "Re-Accumulation" MY small frame signals are Bearish, Large Frame could signal Bearish Divergence with a New High... but Tesla may explode if they show a new moderately priced vehicle on March 1st (Investor Day)... IMO - I still see this as distribution but am open to Bullish Continuation.*If this run continues Lets see reaction at Weekly Expected Highs and Lows
*There is a good Bullish Bias to move to the 200 Daily MA before Distribution
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I will be keeping an eye on Large Time Frame Divergence to confirm my Distribution thesis...if* TSLA makes a new High , I had expected the new high last week, but this was not the case. I am still holding on 1/3 of my position (sold at $198 & $210) I plan on seeing how TSLA will react to Expected Moves & 200 MA .. I believe Bulls want to push to $221 - I will sell calls there *not recommended advice, this is how I trade. I will continue to day trade on both sides.
*today TSLa needs to confirm $205 as new support before getting through $208-$209 then to $216 and finally the $220 area.
Good Luck All
I do believe there is a good Bullish Case that Nathan Makes:
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Still Active - see Link for Further Insight
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