$TSLA - Diamond Reversal?
Updated
Are we going to see a Diamond Bottom reversal on 
TSLA?
Right now, TSLA is riding its way up the price scale on an uptrend but is currently experiencing a local down wave which has brought us down past the current up channels 0.382 Fibonacci line. This lower 0.5 line of this upwards channel may save the day and help get things back on track. It looks likeTSLA is entering into a diamond pattern which could - if successful - help with the journey towards the $750 target before AI Day (Aug 19th), which people seem to have in mind.
If not currently holdingTSLA and looking to pick it up as a trade, it would be possible to pick up a safe entry just above the 0.618 in the $710 area, or a slightly riskier play may be to try and catch a wick down past the 0.5 @ $706.91.
A few points worth mentioning:
* This Content is for informational purposes only. You should not construe any such information or other material as investment, financial, or other advice.
TSLA?Right now, TSLA is riding its way up the price scale on an uptrend but is currently experiencing a local down wave which has brought us down past the current up channels 0.382 Fibonacci line. This lower 0.5 line of this upwards channel may save the day and help get things back on track. It looks like
TSLA is entering into a diamond pattern which could - if successful - help with the journey towards the $750 target before AI Day (Aug 19th), which people seem to have in mind.If not currently holding
TSLA and looking to pick it up as a trade, it would be possible to pick up a safe entry just above the 0.618 in the $710 area, or a slightly riskier play may be to try and catch a wick down past the 0.5 @ $706.91.A few points worth mentioning:
- Volume is forming a U shape on the 15min chart where the possible Diamond Pattern occurs.
- RSI nearing neutral territory
- So far, candles are respecting the lower 0.618 & 0.5 of the upward channel and 0.382 & 1 Fibonacci lines of the downward channel (area highlighted in yellow)
- $750 price range aligns with the 2.618 of the local fractal we are working through
* This Content is for informational purposes only. You should not construe any such information or other material as investment, financial, or other advice.
Order cancelled
Idea has been invalidated by a continuation of the lowering trend.Trade active
The diamond may have been a bit wider than anticipated, but the idea has been revived and is active.Note
It looks like the MMs aren't ready to let TSLA rip yet, we broke through resistance briefly and bounced back down off of the $730 area. Currently we're doing a bit of a bearish consolidation under support which leads me to believe Friday AH or Monday Pre market may see a bit lower before attempting to break up again.
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