Tesla Update: Started (C) of ((B))
The last couple days have been eventful to say the least. We finally bottomed in our ((A)) wave of ((2)) and have begun our rise to ((B)). So far, we have our ABC for (A) & (B), and it appears we have started raising in our (C) wave. I say this for a few reasons:
1. Structure!!!!! -- On the 1HR chart we have very clear movements that represent our motive waves beginnings and endings. In the words of my Mentor, (which I'm sure you will notice I mention often), "If it didn't happen on the 1HR chart then it never happened".
-----Hence the 1HR chart. These have been following EWT rules and acting appropriately.
2. After we hit the (B) wave bottomed we did meander around for a while. If y'all were reading my updates, you might have noticed I mentioned, "FYI the longer we stay here in this chop the more chances of poking lower rise. I want to see it start to move higher and soon". I said this because sentiment could have soured and caused price to lower into the $160 area. The flat ABC, however, prevailed and we rose higher as predicted past the previous high of $174.43.
3. Not only did we make a new high, but we did so with the MACD lower than on our previous high. This is known as a Hidden Bullish Divergence and tells us that price is set to raise much higher.
I am off tomorrow so hopefully we get some action and I will keep you all updated on its moves. If you haven't gotten into a position, there still yet be another chance. Technically speaking, if my prediction comes true, then anytime would be a good entry. But to lower risk one must enter at an optimal point. If this (C) wave turns into a 3-wave move, then you could get in on the B wave. More times than not though, c-waves are 5-wave impulsive waves and by now you probably won't have much time to enter.
If this is in fact a C-wave, then it will most likely open very green tomorrow and keep raising from there. This isn't required and no indicators are telling me this. The reason for this thought process is C-waves and wave 3's are typically the strongest motive waves. If we are in fact in a C-wave, then we have either just entered wave 3 (hence the big green candle) or will enter it soon.
If we do open around 2-3% in the green, I will set my stop to the bottom of wave (B) to protect profits. Something to keep in mind about my strategy, I am long from an average price of $154($149 if you consider the scalp I just made). So, when we move these few dollars, it doesn't bother me, as I am already at a decent profit. You should make trades based off of your own risk tolerance.
Please ask questions, send PM's, and help spread the word. Tell your friends or anyone you know that trades; if they want real advice and price predictions to give me a follow. I try to explain why it is I think price is acting a certain way and help EVERYONE understand better and make more profits!!!
Bonam Fortunam,
--Tyler
1. Structure!!!!! -- On the 1HR chart we have very clear movements that represent our motive waves beginnings and endings. In the words of my Mentor, (which I'm sure you will notice I mention often), "If it didn't happen on the 1HR chart then it never happened".
-----Hence the 1HR chart. These have been following EWT rules and acting appropriately.
2. After we hit the (B) wave bottomed we did meander around for a while. If y'all were reading my updates, you might have noticed I mentioned, "FYI the longer we stay here in this chop the more chances of poking lower rise. I want to see it start to move higher and soon". I said this because sentiment could have soured and caused price to lower into the $160 area. The flat ABC, however, prevailed and we rose higher as predicted past the previous high of $174.43.
3. Not only did we make a new high, but we did so with the MACD lower than on our previous high. This is known as a Hidden Bullish Divergence and tells us that price is set to raise much higher.
I am off tomorrow so hopefully we get some action and I will keep you all updated on its moves. If you haven't gotten into a position, there still yet be another chance. Technically speaking, if my prediction comes true, then anytime would be a good entry. But to lower risk one must enter at an optimal point. If this (C) wave turns into a 3-wave move, then you could get in on the B wave. More times than not though, c-waves are 5-wave impulsive waves and by now you probably won't have much time to enter.
If this is in fact a C-wave, then it will most likely open very green tomorrow and keep raising from there. This isn't required and no indicators are telling me this. The reason for this thought process is C-waves and wave 3's are typically the strongest motive waves. If we are in fact in a C-wave, then we have either just entered wave 3 (hence the big green candle) or will enter it soon.
If we do open around 2-3% in the green, I will set my stop to the bottom of wave (B) to protect profits. Something to keep in mind about my strategy, I am long from an average price of $154($149 if you consider the scalp I just made). So, when we move these few dollars, it doesn't bother me, as I am already at a decent profit. You should make trades based off of your own risk tolerance.
Please ask questions, send PM's, and help spread the word. Tell your friends or anyone you know that trades; if they want real advice and price predictions to give me a follow. I try to explain why it is I think price is acting a certain way and help EVERYONE understand better and make more profits!!!
Bonam Fortunam,
--Tyler
Note
Man it feels good to be right. Stop loss set at $167 for nowNote
Looks as if that was wave 1 of c just completed. We should retrace a little for this wave 2 and then comes the big wave 3. I don't expect this wave 2 to go much lower then $171. It might not even get that low if Tesla is just ready to start wave 3 already.Note
Tesla came down and hit the 0.786 of this move up so I would expect it to start going back up for wave 3 of C soonNote
Note
MACD is looking cooked. We could still technically make another low. However, regardless of if we do or not, this move down and what I am calling our wave 2 of (C) of ((B)) is coming to an end if not done already.Note
Here is a pic of what the upside looks like for fibs if we have bottomed in wave 2. Rules of EWT dictate we COULD retrace up to 99.9% of wave 1 and still be considered valid. I DO NOT THINK THAT IS LIKELY. However, I do not have a magic wand to control price and it does what it wants in the end.Note
This is the ABC move down that I see. The 1.0 is at $167.11 which should act as a huge resistance. That being said this moved down much harder then I anticipated so keep your whits about you.Note
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
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.
Go to ewtdaily.com for DETAILED DAILY UPDATES on 27 unique tickers and a daily zoom call with members to discuss latest analysis and get a 7-day FREE trial
Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
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.