TSLA - Chart Link- been wondering what kind of
pattern is forming in TSLA, here's one option, some sort of
triangle. How I have it labeled is actually bearish, under this
count would go a bit lower to complete d, then up in e but form a
lower high in the triangle, then then next move would break to the
downside, which quite honestly would be best as it would allow TSLA
to catch up a bit to its 200 day MA
earnings are tomorrow after the close, so depending on how much
it reacts on that could negate this or support this pattern
Matt - When you draw it like that it looks like an ascending
triangle. My studies led me to believe that ascending
triangles were always bullish. I'll have to revisit
that. Thanks.
no it can go either way, this is not an ascending triangle with
the highs as the top of the triangle, it formed after move of the
highs. So it's not your standard bullish ascending triangle. Also
depends where you start the wave a, I could make it either or.
anwyay I was expecting a bounce soon, right now there's a
cycle buy on the 120 min chart and the daily MA ribbons are
pinching so I took a long yesterday at the cycle with a tight stop
for a trade, anyway earnings today.
TSLA chart
Posted by matt on 20th of Oct 2020 at 07:54 pm
TSLA - Chart Link- been wondering what kind of pattern is forming in TSLA, here's one option, some sort of triangle. How I have it labeled is actually bearish, under this count would go a bit lower to complete d, then up in e but form a lower high in the triangle, then then next move would break to the downside, which quite honestly would be best as it would allow TSLA to catch up a bit to its 200 day MA
earnings are tomorrow after the close, so depending on how much it reacts on that could negate this or support this pattern
Matt - When you draw
Posted by z0ned on 21st of Oct 2020 at 07:49 am
Matt - When you draw it like that it looks like an ascending triangle. My studies led me to believe that ascending triangles were always bullish. I'll have to revisit that. Thanks.
no it can go either
Posted by matt on 21st of Oct 2020 at 09:42 am
no it can go either way, this is not an ascending triangle with the highs as the top of the triangle, it formed after move of the highs. So it's not your standard bullish ascending triangle. Also depends where you start the wave a, I could make it either or. anwyay I was expecting a bounce soon, right now there's a cycle buy on the 120 min chart and the daily MA ribbons are pinching so I took a long yesterday at the cycle with a tight stop for a trade, anyway earnings today.
Got it - thanks Matt!
Posted by z0ned on 21st of Oct 2020 at 09:44 am
Got it - thanks Matt!