TESLA It has begun...

Tesla (TSLA) is on almost a +5.00% rise today an aggressive reaction to the market news and technically extending an Inverse Head and Shoulders (IH&S) pattern as we mentioned on our previous analysis (see chart below):

It is a good time to shift to the longer term time-frame of 1W, where this IH&S pattern is a bottom formation that Tesla has registered before all of its major long-term rallies. The one that looks from cyclical start to finish with today's pattern is the period of 2014 - 2016.

Once the price broke above the 1W MA50 (blue trend-line) on that pattern, Tesla started a rally that peaked on the 1.382 Fibonacci extension level. Observe similar the 1W RSI patterns are as well between the two Cycles.

If the stock repeats that Fibonacci target, we can get a price as high as $700.00. That is of course a very optimistic scenario but even the more pessimistic one, has a (dotted) Channel Up targeting its top on the 3.5 Time Fib at around $400, which is almost the All Time High (ATH) for Tesla.

As a result, we see $400 as a real posibility for the end of the year.

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