TeslaLong
$TSLA Partial decline, above resistance
With AI day coming up, its important to keep Tesla in mind.
We have broken back above resistance after a partial decline here on the 3 day chart. You want to see the local highs broken as well for further confirmation but Historical price action correlation suggests 371 next. Its always straight up, straight down. Beyond that i would consider 397 a relevant target as well, which is the last major high, and the 1.618 extension from the correction last winter/spring.
I added targets at the 1.13 because it is a commonly used fib level for a fake out. It would imply another bearish rejection above these levels and likely usher in a major correction. If we do break above these levels, the 1.618 is where i would put my bets. If we get that kind of momentum going , id imagine it aligns with a news driven catalyst purposely executed.
If we break below 294, id consider the likely hood of a move up here great decreased and could be a place for a tighter stop, though i like to stick to 3:1 trading where it makes sense.
For harmonic traders, you could look at this wave as the beginning of a bearish shark, and would be looking for the .886-1.13 from this leg upward. This is confluent with my targeting as well.
We have broken back above resistance after a partial decline here on the 3 day chart. You want to see the local highs broken as well for further confirmation but Historical price action correlation suggests 371 next. Its always straight up, straight down. Beyond that i would consider 397 a relevant target as well, which is the last major high, and the 1.618 extension from the correction last winter/spring.
I added targets at the 1.13 because it is a commonly used fib level for a fake out. It would imply another bearish rejection above these levels and likely usher in a major correction. If we do break above these levels, the 1.618 is where i would put my bets. If we get that kind of momentum going , id imagine it aligns with a news driven catalyst purposely executed.
If we break below 294, id consider the likely hood of a move up here great decreased and could be a place for a tighter stop, though i like to stick to 3:1 trading where it makes sense.
For harmonic traders, you could look at this wave as the beginning of a bearish shark, and would be looking for the .886-1.13 from this leg upward. This is confluent with my targeting as well.
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