Surely you need no more convincing about how much the character of the market has changed, but allow me to use Tesla as another vehicle for illustration. Below we see Tesla’s behavior toward the latter portion of 2022. Nary an uptick in sight, and a steady, unrelenting wipeout, slicing through the Fibonacci levels with ease.
Fast forward to the present, and you can see how range-bound the market has become. For almost all of 2023, TSLA has been $180, plus or minus 10%. That might sound like a big range, but considering Tesla’s behavior early, it is positively placid.
TSLA has sealed up its earlier price gap and clearly found substantial support in that pair of Fibonacci lines. The pair of lines above the present price levels are equally strong, although at the moment we’re smack dab in the middle of both of them. That is to say, Tesla has ample room to roam before encountering a serious wall in either direction.
