RESISTANCE OVERHEAD
Complicated chart and sorry for the messy look but there is a lot going on here )o:
This was a difficult chart to analyze due to M structures that I tried to differentiate by calling the larger M, M1, and the smaller M is M2. M1 and M2 are also marked on the fib levels as they differ but they also line up with both fib tables, just different fib fractions at each level.
(IE The .786 of M1 lines up with the 1.414 of M2)
Drawing this made my head hurt...LOL
Orange type is for a break to the downside with T1 being in larger type than T2. Green type is for targets if this structure breaks to the upside.
Looks like TSLA suffered and earnings miss in October. (Red E at bottom of chart)
Possibly 2 M structures formed but they may or may not be complete.
Bear flag overhead that broke to the downside. Bull and Bear flags are neutral until broken and can break up or down.
When I first looked at this, I was drawing a triangle, I thought. And it may be a triangle. If it is it is a small Symmetrical Triangle. But it could also be a Bear Pennant. Pennants are wedge shaped whereas Flags usually have lines that run parallel with or against the prevailing trend but they can be flat on occasion. I feel another headache coming on! LOL
Either way, both triangles and pennants are neutral patterns until broken with a trend in that direction and can break up or down.
Price is at the resistance line of the structure for 4 days now. 3 Spinning tops/indecision/at resistance. Time will tell.
No recommendation.
I apologize for the confusion and I do hope I was clear.
This was a difficult chart to analyze due to M structures that I tried to differentiate by calling the larger M, M1, and the smaller M is M2. M1 and M2 are also marked on the fib levels as they differ but they also line up with both fib tables, just different fib fractions at each level.
(IE The .786 of M1 lines up with the 1.414 of M2)
Drawing this made my head hurt...LOL
Orange type is for a break to the downside with T1 being in larger type than T2. Green type is for targets if this structure breaks to the upside.
Looks like TSLA suffered and earnings miss in October. (Red E at bottom of chart)
Possibly 2 M structures formed but they may or may not be complete.
Bear flag overhead that broke to the downside. Bull and Bear flags are neutral until broken and can break up or down.
When I first looked at this, I was drawing a triangle, I thought. And it may be a triangle. If it is it is a small Symmetrical Triangle. But it could also be a Bear Pennant. Pennants are wedge shaped whereas Flags usually have lines that run parallel with or against the prevailing trend but they can be flat on occasion. I feel another headache coming on! LOL
Either way, both triangles and pennants are neutral patterns until broken with a trend in that direction and can break up or down.
Price is at the resistance line of the structure for 4 days now. 3 Spinning tops/indecision/at resistance. Time will tell.
No recommendation.
I apologize for the confusion and I do hope I was clear.
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