Without knowing what Elon Musk will say, or do next, here's the next best thing, TSLA
TESLA
Without knowing what Elon Musk will say, or do next, the best way to follow TSLA is with the Fibonacci retracements and the ONE44 rules and guidelines.
To start you can go back to a post we put out on 2/23/22 called "The coming rally in Tesla" then on to the next update on 3/14/22 titled "TSLA retesting the long term swing point" and then onto the 3/18/22 post "Tesla, $140 rally in 4 days, here's why!" and then " Tesla, what a move, what a call" on 3/23/22. In all of these we explained what was happening and what to look for based on the ONE44 Fibonacci rules and guidelines. From the bottom of the move to the retesting of the long term swing point and to the target of 61.8% at 1040.00.
In our last update we left you with this,
On a break from 61,8% look for 61.8% the other way, this is 829.00. As always we will watch all the retracements on every move to see just how weak, or strong the market is regardless of the longer term target. Any break that can only go 38.2% at 906.00 keeps this leg up in a positive position, any break from here that can only go 23.6% back at 960.00 keeps the trend extremely positive and you can look for new highs for this leg up and 78.6% back to the ATH at 1131.00, this will also be the next target, if there is no turn lower from 1040.00.
There was no turn lower at all from the 61.8% level at 1040.00 and as we just said above, without a turn lower from it to look for 78.6% at 1131.00. It did have one close above it, however we always want to see the second close to confirm the violation of a level. With the $160 break from 78.6% we have to go to the 78.6% rule to get a long term target and this would be 78.6% the other way at 800.00. As we always say we watch all the retracements on every move to see just how weak, or strong the market is regardless of the long term target. With that said the most important retracement is the 38.2% level, as this is what needs to hold to keep the current trend intact.
This morning's low hit 38.2% at 980.00, holding this level should send it back to make new highs for this run and keep the short term trend positive, we know the long term trend is positive, because that is where this rally started from on 2/24/22 and the long term target from it is a new ATH. On a failure to turn back up from 38.2% at 980.00 the next target is 61.8% at 872.00 and then the long term target of 78.6% at 800.00 based on the 78.6% level above at 1131.00. A rally from 980.00 that fails to make a new high above 1152.87 would be a negative sign, especially if it stops up at 78.6% of the current break. With today's low, this would be 1115.00.
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