TSLA coming off the 1225.00 major Gann square
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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.
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Charts are courtesy of Barchart.com
In our last update on 10/26/21 for TSLA it had just hit the 1089.00 major Gann square. The one day break from it was over $90 and very short lived. With the close above 1089.00, our next target as mentioned in that post was the 1225.00 major Gann square. It had a slight close above it and the next day slightly below it and then today's action set it back to 1133.00. Provided this is all it sets back and they get a close above 1225.00, our next target will be the 1369.00 major Gann square and 1225.00 will become the short term swing point.
All of this move higher was setup after holding the long term swing point back in March of this year and the following retracements. You can find this article here.
Key levels to watch for on a bigger break from 1225.00 are, the previous major Gann square at 1089.00 and 1079.00, this is 23.6% back to the March low, if this is all they can setback look for new highs and then the 1369.00. Below 1079.00 look for the area of 978.00 to 942.00, the first is 38.2% to the March low and the second is 23.6% of the ATH and ATL, in between is the major Gann square of 961.00.
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