virtuesoft
Member
The bears are undoubtedly in control at this moment in time. However, I cannot see this lasting once the Model X design studio is unveiled, which is approx 1 to 2 weeks away.
I'm looking at 234 and 222. I've got some cash handy that I'm waiting to put to use at those levels.
234 is the 50% retracement level from the 181 to 286 move. It also lines up with resistance that we encountered on the way up in May. Resistance often becomes support, and vice versa.
222 is the 61.8% retracement level from the same move. It also lines up with a prior high from the 5th Feb, and a series of prior lows around mid October creating a pivot zone. This level should be strong if we get there.
Having said that, I'm not convinced there is enough bearish strength to actually push the price much lower. 234 is obviously close, and it's likely that we'll reach that, but there just doesn't seem to be much bearish momentum to these moves lower. I think that to reach 222 we either need a brief and failed rally to attract new shorts (which there isn't much time for), or some more bad news that is as of the present time unknown. I'm thinking about putting 75% of my cash to use at 234 and save the other 25% for either 222 or 254. This is my plan over the next 2 weeks. Like I said, once the design studio is released I think the game will change significantly.
I'm looking at 234 and 222. I've got some cash handy that I'm waiting to put to use at those levels.
234 is the 50% retracement level from the 181 to 286 move. It also lines up with resistance that we encountered on the way up in May. Resistance often becomes support, and vice versa.
222 is the 61.8% retracement level from the same move. It also lines up with a prior high from the 5th Feb, and a series of prior lows around mid October creating a pivot zone. This level should be strong if we get there.
Having said that, I'm not convinced there is enough bearish strength to actually push the price much lower. 234 is obviously close, and it's likely that we'll reach that, but there just doesn't seem to be much bearish momentum to these moves lower. I think that to reach 222 we either need a brief and failed rally to attract new shorts (which there isn't much time for), or some more bad news that is as of the present time unknown. I'm thinking about putting 75% of my cash to use at 234 and save the other 25% for either 222 or 254. This is my plan over the next 2 weeks. Like I said, once the design studio is released I think the game will change significantly.