Maybe that ~410ish fixed point that the two trend lines converge on, is the point where Tesla finally breaks out of it's recent trading range (humor) and really heads up!
Yeah I haven't had an all time high in 7 days. (yawn)
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Maybe that ~410ish fixed point that the two trend lines converge on, is the point where Tesla finally breaks out of it's recent trading range (humor) and really heads up!
Also not a chartist, but considering it's approaching 400 just on anticipation, that seems reasonable, aside from the general overvalued craziness (fundamentally).I am no technical chart wizard -- far far from it, I'm completely incompetent at short-term stuff -- but I've now looked at three or four different technical models which all seem to me to indicate that we're heading for at least 450 before any *serious* pullback happens (you know, pullback to 300 or the likes of that). I expect to be wrong. We'll see.
If we shoot past ~$380 during this current rally (which we have), from what I can tell, the next likely reversal point according to both Elliot Wave chartists and Fibonacci extension chartists appears to be ~$480 (another 100% move), though another popular Fibonacci extension would be around $441. P&F targets are in the $450 - $500 range, though these should only be considered direcitonal indicators (they also depend on how you draw the chart; since TSLA is particuarly volatile, you have to filter out more noise than usual to get anything meaningful). Those focusing on psychological numbers would consider $400 the next major resistance level, and then $450.
Now I don't claim to understand technical analysis really hardly at all. I'm just learning. But there seem to be an awful lot of reinforcing signals saying that it keeps going up. We are also moving into a month of probable good news, making the alternative short-term theory (a pullback) seem very unlikely to me.
But what do I know.
One possibility is back down to, y'know, where we are now. But I haven't studied it much...So what would the retracements for both Elliot Wave and Fibonacci bring the stock down from say a 450-500 range?
Just wanted to point out that the last few weeks formed another little cup. If you look at this run, our pauses are cup shaped and we run from the cups.
Just wanted to point out that the last few weeks formed another little cup. If you look at this run, our pauses are cup shaped and we run from the cups.
Looks like as the cups get smaller, the subsequent run gets more explosive. Fingers crossed.
Fingers crossed, that today represents the handle.
I was imagining things.I may be imagining things but I see an ascending triangle on the half-monthly chart.
450$ ? whaat?
#350 and going down now... to where? max $260, min $300
Sherman McClellan, inventor of the McClellan Oscillator with his wife Marian, was one of the regular guests on my TV show beginning in 1989. In 1995 Sherman and his son Thomas launched the McClellan Market Report. Eventually Tom took over as editor and served more frequently than Sherm as my TV interviewee. Both of them became endorsers of my book.
I greatly respect their technical analysis. Today on CNBC after the early market closing Tom was interviewed on CNBC. He did not specifically mention Tesla or any other company.
Regarding the longer term market uptrend he answered, “I think we still have about a year to go.”
Regarding tech stocks he answered, “I think the selling in tech is a little bit overdone.”
Link to video: We still have a year for the market rally: Tom McClellan