Tesla Update: Did We Bottom?

I don't have a lot of time tonight, so I have to make this quick. Long story short, if we haven't already, we should bottom very very soon. We went through my price box of what would be an ordinary ending for this move down. So far, the 1.5 fib held us up, but price did slightly poke below it. Many times, that's because price has intentions of coming back to test it again. Due to this I would not be surprised if we dropped down one more fib to the 1.618 fib line which is a common end point for C waves. If that is the case, I may buy 10-20 more shares. Pre-market will most likely be very telling.

The further price drops, the lower our target for B wave becomes. As of now with this further drop my target has dropped to $265-$280. I work tomorrow so might not be able to watch as closely as I would like. The NASDAQ seems to have either finished or is on the verge of finishing wave 1 of C and is due to retrace higher in its wave 2. This pairs up nicely with Tesla and many other stocks needing to move higher.

There is always the chance we move even lower than the 1.618. As of now my plan is to mainly observe. If we make another low towards the 1.618 and price holds up, I will most likely buy more shares or might even buy a few contracts. We shall see. As always, I will update on here if I buy or sell.

Bonam Fortunam,
--Tyler