TeslaLong
$TSLA Rejection of the bearish breakdown!
Mis à jour
Real nice recovery here on Tesla, after briefly breaking below the September 2020 high, and March 2021 low. Of course we would like to see 179$ backtested as support, or perhaps a local double bottom, but this looks promising for tesla so far.
RSI has reached oversold with a real clean drive of bullish divergence, and clear impulsive behavior afterward above the moving average here on the daily.
The MFI cross over is also showing a nice bullish divergence from our June low, to this most recent low.
Historically, the next major target up would be 230$ at the 382 with the major range high at 293$
This Bearish Cypher pattern has been playing out across the markets, including our SPY / SPX trade off the October 13 lows, and more notably so on the Dow.
While its hard to have confidence in the full 786 just yet, that would be the ultimate target which is just about confluent with the downsloping supply line.
Even if you are bearish on the market in general, this wouldnt disrespect the downtrend, and the nature of a bearish harmonic would imply a retracement on completion.
Id keep a close eye on SPX in meanwhile, to see how it reacts at the supply line, and if its able to get off the full 786. The supply line is more important, because if we do break it, and the corresponding levels, i think it could lead to a short squeeze if we dont get a strong rejection.
Just my two cents
RSI has reached oversold with a real clean drive of bullish divergence, and clear impulsive behavior afterward above the moving average here on the daily.
The MFI cross over is also showing a nice bullish divergence from our June low, to this most recent low.
Historically, the next major target up would be 230$ at the 382 with the major range high at 293$
This Bearish Cypher pattern has been playing out across the markets, including our SPY / SPX trade off the October 13 lows, and more notably so on the Dow.
While its hard to have confidence in the full 786 just yet, that would be the ultimate target which is just about confluent with the downsloping supply line.
Even if you are bearish on the market in general, this wouldnt disrespect the downtrend, and the nature of a bearish harmonic would imply a retracement on completion.
Id keep a close eye on SPX in meanwhile, to see how it reacts at the supply line, and if its able to get off the full 786. The supply line is more important, because if we do break it, and the corresponding levels, i think it could lead to a short squeeze if we dont get a strong rejection.
Just my two cents
Note
for reference: SPX / SPY 
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