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Teslabull

Why TSLA will make New HighsHi Traders! Hope everyone is just as excited as I am with the opportunities the markets are giving swing traders these days. Today, we are going to begin analyzing TSLA and its bullish case and how TSLA may be the trigger that leads to true capitulation in the stock markets. Above you see the long term weekly view of TSLA. It is creating a rising channel that we can start to take seriously. If you had this channel drawn out you would have perfectly timed out the low the week of June 3, 2019. The next image I examine instances when TSLA stock was at extreme overbought conditions. These are common during wave 3's. Wave 3's are typically the longest/strongest waves during a cycle. The wave that preceding impulsive wave 5 normally undergoes a divergence, signaling the trend is slowing. What is happening now? A wave 5 ending diagonal. Currently TSLA maybe consolidating into a wave 4 that could propel it to $1200 - $1500. The reason why I am beginning to think this may be an ending diagonal is the manner in which wave 4 has overlapped wave 2. You only see that in diagonals. What am I looking for next? If TSLA begins making new highs, there is a risk price is getting out of control and I'll be looking at this as a wave 5 extension and aiming at the top of the channel range for exhaustion. On the other hand, if TSLA continues consolidating in waves of 3, it is conceivable that it could be within a triangle consolidation. Short term bullish on TSLA. Thank you for reading my analysis. Like, comment and follow if you enjoy this analysis and would like more content!
NASDAQ:TSLALong
by DailyClose