TSLA - Two Paths (with Pitchforks)
Updated
TSLA has history, and if one looks close enough, they can read the writing in the candles, specifically the 5 day candles that are bearish engulfing. These tend to happen at tops and in pairs. One of these candles is already here, and if TSLA gets another bearish engulfing candle near this white (b), then the ALGO target of $28.99 could be underway (as this has retraced right into the golden zone where ALGOs love to fire - and this one is the sell side). 15 day candle closes next week and if it is a bearish engulfing then these lower targets begin to gain ground as nothing good has every happened after a BE on that time frame. Also note the MACD, if/once it crosses on the 5-day tf, it will be of concern for bulls. RSI has recent bearish divergences that are concerning. And then there is the median line of the pitchfork, the bullish one has not been hit, and if the white count is accurate, then it would take a parabolic move for this count to even hit that median line, suggesting that a move equal to or greater from that last pivot would occur - meaning if this white count does play out, it will at a minimum retrace back to the pivot at $153 region. Also to note is the bearish pitchfork and how the geometrical equivalent of the first potential leg down (white line) hits this median line. It is all probabilities, but if TSLA experiences another bearish engulfing on the 5 day or 3 day time frame (as the 3 day is very similar to the 5 day) and this occurs near that white (b) without making a new high, then much lower prices are probable, with a target of $28.99 or lower, quite possible near zero. GLTA!
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