Tesla Short: Expecting Wave 3 of 3 Down

26 Ogo

In this video, I go through the Elliott Wave Analysis for Tesla in detail and talk about how the final corrective wave may not be ideal but is still al valid place for a short. In essence, I think that Tesla should be going for a wave 3 of 3 down that will see it going to $273 for a short-term target and even below $214 based on the general market condition that I have previously discussed.

The stop loss for this idea is above 349.54 but I recommend setting it higher around 351.85.

Good luck!

27 Ogo

Dagangan aktif

Just to update on this idea: as I mentioned in the video, the ideal price to short TSLA is at 358.21 for 2 reasons:
1. Price will be above Wave W.
2. Wave structure will be ideal.

My personal style of trading is quite active: I will keep shorting and set stop above recent highs. If new highs are made, I will take the small losses and wait for another reversal bar and short again and repeat. If TSLA keeps going higher, I will keep shorting and my final short will be at 358.21 with a stop at $360. If this price is breached, I won't attempt another short until price nears 367.72 which is the high made on 29th May. Then I will review the wave structure again.

Hope that clarifies.

7 hari lalu

Nota

Just to be clear, the stop should now be set above the recent high of $355.39.

2 jam lalu

Dagangan ditutup secara manual

I believe that at least a 50 bp cuts is coming in Sep FOMC. The entire market should melt up towards that.