Since TSLA hasn't made a new high in 5-days, a downtrend may be in place.
Therefore, count the number of days at one price starting at the high (which you can see is 7 from 280-281).
Next step was to look for the market to hold under the mode. Once under the 280-281 mode for an entire session, count that day as #1 and 7th day is today, which ought to mark the bottom of the current downtrend.
Comments on strength: The recent rally to 292 exceeded the strength implied by the consolidation around 262, which is bullish. Then TSLA fell more than was implied by the 292-272 range in the 7-day time-at-mode setup. That weakness reversed the previous bullishness.
I'd look for a move back to the 262-264 area.
Tim 250.38 last 9/23/2014 2:52PM EST
Therefore, count the number of days at one price starting at the high (which you can see is 7 from 280-281).
Next step was to look for the market to hold under the mode. Once under the 280-281 mode for an entire session, count that day as #1 and 7th day is today, which ought to mark the bottom of the current downtrend.
Comments on strength: The recent rally to 292 exceeded the strength implied by the consolidation around 262, which is bullish. Then TSLA fell more than was implied by the 292-272 range in the 7-day time-at-mode setup. That weakness reversed the previous bullishness.
I'd look for a move back to the 262-264 area.
Tim 250.38 last 9/23/2014 2:52PM EST
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Subscribe to my indicator package KEY HIDDEN LEVELS $10/mo or $100/year and join me in the trading room KEY HIDDEN LEVELS here at TradingView.com
Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.