$TSLA TOP 20 UPDATE
Added 2023-03-06 20:07:12 +0000 UTCClear head and shoulders pattern formed here and if we look at the inserted image, we can see that if the neck line is broken, it will retrace all the way down to the previous low and even go lower.
The neck line here for $TSLA is at $186.40
We have seen with $NIO how effective the head and shoulders pattern is, let's see if the $TSLA bulls can hold the neck line.
Comments
So with the head and shoulders pattern it appears to be showing that, it will likely pull back, we are still watching for where the support will come, or if it will make a new low. We can not say that it will only come back to the 0.38 - 0.65 Fib and hold, we do not know this information and I do not advise assuming this either. We need to monitor this, this entire structure is very complex, buyers aimlessly bought into Tesla on catalyst events, earnings, investor day and Tesla reducing their prices, there was certainly euphoria, now that the dust has settled, we will start seeing a pull back and I believe this has started. Now we need to watch where it finds support.
Gareth Neary
2023-03-07 10:33:42 +0000 UTCHi Gar with this head and shoulder forming does it means it seems to be heading to bull case of a retracement to 0.38-0.65 fib?
Huat
2023-03-07 04:49:31 +0000 UTCIt can hold at Wave 2 zone but not necessarily? Correct?
Bjoern Szymkowiak
2023-03-06 21:21:49 +0000 UTCgot it, thanks
Parth Shah
2023-03-06 21:14:29 +0000 UTCIf $186 doesn’t hold
Gareth Neary
2023-03-06 21:10:39 +0000 UTCNo it won’t become obsolete, it has every chance to hold at those levels, what it shows is that this is very likely to come down shortly
Gareth Neary
2023-03-06 21:10:33 +0000 UTCyes, would like your take on this @gar
Parth Shah
2023-03-06 21:09:16 +0000 UTCThanks, Capt. So does this mean that if the neck line at $ 186.40 can't be hold $TSLA will retrace straight to previous low (and even lower) which was at about $103? Will Wave 2 zone between 0.38 Fib and 0.65 Fib become obsolete then?
Bjoern Szymkowiak
2023-03-06 21:01:29 +0000 UTC
