Tesla has been very bullish after the recent earnings report and left behind other stocks struggling with the market sell offs.
However, it seems pretty clear that Tesla is pretty approaching its 5th wave ending sometime soon in the next few days. The chart shows solid evidence the 5th wave range on the 1h timeframe. Late buyers might push up the price between 358 and 372 where the stocks will face major resistance during its last peaks.
The candles in shorter timeframes have been bound-ranging and Bollinger Bands show a pretty tight pattern. MACD and signal line start to reverse towards the downtrend.
Tight Bollinger Bands can lead further market sideway moving with a flat upward trend or a pop in price for a retracement.
Historically, Tesla Bull runs show an estimate 35% gain each time. Since the earnings announcement, Tesla has gained a decent 38% so far, now it's the time for some retracement.
Confirming signals:
A bearish candle touching the top line of Bollinger bands
Downward trending MACD and histogram
Trend reversal of EMAs
Disclaimer
Opinions only!
However, it seems pretty clear that Tesla is pretty approaching its 5th wave ending sometime soon in the next few days. The chart shows solid evidence the 5th wave range on the 1h timeframe. Late buyers might push up the price between 358 and 372 where the stocks will face major resistance during its last peaks.
The candles in shorter timeframes have been bound-ranging and Bollinger Bands show a pretty tight pattern. MACD and signal line start to reverse towards the downtrend.
Tight Bollinger Bands can lead further market sideway moving with a flat upward trend or a pop in price for a retracement.
Historically, Tesla Bull runs show an estimate 35% gain each time. Since the earnings announcement, Tesla has gained a decent 38% so far, now it's the time for some retracement.
Confirming signals:
A bearish candle touching the top line of Bollinger bands
Downward trending MACD and histogram
Trend reversal of EMAs
Disclaimer
Opinions only!
