ONE44 Analytics where the analysis is concise and to the point

Our goal is to not only give you actionable information, but to help you understand why we think this is happening based on pure price analysis with Fibonacci retracements, that we believe are the underlying structure of all markets and Gann squares.

For the ONE44 Fibonacci rules and guidelines to help with this article, go here.

Charts are courtesy of Barchart.com

(TSLA)

As we mentioned in the post below from yesterday, it took 7 days to go from 816.00 to the target of 961.00. It then took less than 24 hrs to hit the 1089.00 long term target, so now what?

The targets above have all come from major Gann squares and using just the Gann squares we should look for a break from the 1089.00 major Gann square to take it down to the previous Gann square at 961.00. When we look at the Fibonacci retracements from the long term swing point they hit back on 3/5/21, it is 23.6% back at 961.00 as well. Following the ONE44 Fibonacci 23.6% rule we know,

Extremely strong/weak markets will only go back 23.6%. This is Typically a runaway market.

If this is all it can break from the 1089.00 major Gann square the trend remains extremely strong and you should look for new highs, however with the volatility this market is having it could very easily setback to the area of 881.00 to 841.00. The first is 38.2% back to the 3/5/21 low and the second is 23.6% of the ATH and ATL and a major Gann square.

Setting back this far could put it into a wide trading range between 841.00 and the ATH for a while.

Above the 1089.00 major Gann square look for our next long term target at 1225.00.


Yesterday,

In our previous TSLA update on 10/14/21 we left you with this,

On a failure to turn lower from 816.00 we have to go to the long term view for a target and this is 961.00. The long term trend remains positive until it can take out the March low that was 38.2% of the ATH and 3/18/20 low.

It has now taken 7 trading days to hit the 961.00 long term target after failing to any setback from 816.00. This huge move up was set up by the fact that it held the long term swing point back on 3/5/21. This was 38.2% of the ATH and ATL, it was also 61.8% back to the 9/8/20 low. After the retest of this area on 5/19/21 is when the move accelerated. The first setback after hitting 61.8% at 692.00 held 38.2% on 3 different days in July, this level was 637.00. It traded below it, but never closed below it keeping the short term trend intact. The rally from there took it to 78.6% on 8/2/21, the setback could only go 38.2% again on 8/17/21 and off it went on to new highs as it should after holding 38.2%. The next measurable setback happened on 9/13/21 and this time it could only go 23.6% and as the 23.6% rule states,

Extremely strong/weak markets will only go back 23.6%. This is Typically a runaway market.

and this is where things started to really accelerate.


With a close above 961.00, it will become our short term swing point, above it the next long term target is 1089.00. On a close below 961.00 look for 38.2% of the 3/5/21 low at 820.00

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