Mapping Tesla's ups and downs.
Channelling is a very useful technique when applied correctly. The recent All time high was very closely caught within that Red channel. The circles are the connecting points bottom to top. I put the tweet out there within few dollars from the ATH saying we are at a turning point. It looks like an Expanding diagonal where each wave gets bigger and bigger. IMO we are making the 5th wave of this leading diagonal which is the last one. In a perfect world it will terminate at lower sloping trendline and price may reverse from there. But In expanding diagonal it can break and keep making extension. So overall bearish bias in medium term at least.
Tesla is great stock to trade. But it can punish you very hard if you are on the wrong side. Risk management is must with any volatile stock.
Thank you for reading.
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