I won't spend to much time on this today as I have been talking about this type of retrace for awhile now. We have had our A-B and have begun our C wave lower today. This type of decline is known for this kind of strength. Yes there are a ton of things going on in the geo-political world that one can attribute to this decline. I would NOT be among those critical of that thinking. It's obvious the downgrade in the USA's credit rating is affecting Tesla's stock.
The point I want to REALLY drive home....WE HAVE BEEN EXPECTING THIS!!! So don't go out there thinking that's all she wrote. We knew and expected this move to come. Not only that, but by tracking this downside, it confirms the exact price location I expected it to end. The $220-$230 area with $230.88 being the sweet spot.
The 0.382 fib line falls right in between the 1.786-2.0 fib lines of the impulsive structure and right past the 1.0 fib line target for the ABC pattern. These make it an ideal location for this decline to end. Of course, it can always drop lower. But if that is the case it should give signs before it is about to do that.
You now have this chart that details/labels the entire move down to our target that I expect to happen. That doesn't mean price has to move to those spots. They are just standard areas I expect price to come to during its descent.
As of now, I am waiting patiently for price to enter my box before I even consider going long. At that point, if structure permits, I will enter into a position of around 100 shares. Of course, I will notify you all if I make any trades.
Bonam Fortunam,
--Tyler
The point I want to REALLY drive home....WE HAVE BEEN EXPECTING THIS!!! So don't go out there thinking that's all she wrote. We knew and expected this move to come. Not only that, but by tracking this downside, it confirms the exact price location I expected it to end. The $220-$230 area with $230.88 being the sweet spot.
The 0.382 fib line falls right in between the 1.786-2.0 fib lines of the impulsive structure and right past the 1.0 fib line target for the ABC pattern. These make it an ideal location for this decline to end. Of course, it can always drop lower. But if that is the case it should give signs before it is about to do that.
You now have this chart that details/labels the entire move down to our target that I expect to happen. That doesn't mean price has to move to those spots. They are just standard areas I expect price to come to during its descent.
As of now, I am waiting patiently for price to enter my box before I even consider going long. At that point, if structure permits, I will enter into a position of around 100 shares. Of course, I will notify you all if I make any trades.
Bonam Fortunam,
--Tyler
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Should start heading down soon
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
