It will help to read these past post to see why we are where we are.
In our post on 2/23/22 we put this out The coming rally in Tesla
The low came one day later.
Four days ago we posted Tesla retesting the long term swing point
The long term swing point which is 38.2% of the ATH and ATL is the reason for the bottom on 2/24/22 and also the bottom on 3/14/22 that retested it.
In our past posts we mentioned that the low on 2/24/22 has the ability to send this market to a new ATH and that we would watch all retracements on the rally to see just how strong, or weak the market is. With the high on 3/1/22 being shy of 38.2% and the break from it not making a new low the next target becomes 61.8% at 1040.00. From the last post,
Short term the next rally from 765.00 should take it to 61.8% at 1040.00 since the last high was just below 38.2%. We will still watch 38.2% at 909.00, because it is this level that needs to be taken out to get the short term positive and in sync with the long term trend.
Here we are now four trading days later and $1.40 higher, right at 38.2% (909.00). It needs to get a solid close above 909.00 to turn the short term trend positive and if so look for 61.8% at 1040.00. A break from 909.00 can send it to retest the long term swing point again.
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