Tesla Update: Wave 3 is Warming up

Normally the wave (3) of 3 wouldn't have such a wide box for a normal end point. The reason I have made a larger box then normal is due to the end target for wave (C). In order for us to make it down to those levels we will need to extend as I said in my last post.

So far to the upside we have hit the 1.618 of the A-B move up, the 0.618 fib retracement of wave (1), and have a completed count with OMH possible for wave (2). If we do make OMH, it most likely will NOT pass the 0.786 retracement as there is also a 2.0 fib level there. Should we make another high and structure agrees with me, I will most likely buy a couple more puts.

After we hit our next target for (3), I will most likely end up closing those puts and pocket the profits. There is always the possibility I hold them during our wave (4) retrace as I don't expect it to be deep. I'll decide when we get there as I don't want to get too far ahead of price.

Should we start to extend then a good ending for wave (5) of 3 would be at the 2.618 fib line @ $211.73. Tomorrow will hopefully bring us some extra clues on the path price takes to reach our goal.

Bonam Fortunam,
--Tyler

Bình luận:

I was busy this a.m and couldn't capitalize on the move up but it does appear we have started to the downside. For now, we wait for price to breach $243 for confirmation.

Bình luận:

This post is still applicable. I predict tomorrow to be a red day especially for Tesla. If my count is to be correct, then we should really make some headway to the downside this week. Here is an updated chart.

Bình luận:

Primary count invalidated. Brings us to either an elongated B wave or wave (3) of 3 is starting. I'm inclined towards the prior since we are still on neg divergence.