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How relieved I am to have had the good sense to detect that, considering how a certain person was being a total douchenozzle privately this weekend, it meant something bad was coming. Yeah, I’m a chartist, but I’m also partly human. I can read people. TSLA is getting absolutely bombed, and I’m delighted my family can stand at a safe distance and watch the carnage. Those Fibonaccis have been working beautifully for MONTHS.
A little over a week ago, the Russell 2000 small caps reached escape velocity and were finally able to free themselves from the clutches of a two-year price range. Over the course of the most recent 16 trading hours, most of this “escape” has been erased, but this could still be considered a bullish setup (very bullish, in fact) IF prices stabilize above the Fib and don’t slip below it. On the other hand, a failure of the Fib would represent a failed bullish breakout and suggest we’re simply back into the old range.
The mega-rally in small caps has returned us to an historically important area of reversal. These Fibonaccis have had power for years.
I have every selfish reason for this to just keep going up forever, but as a chartist, I’ve got to say that the $257-$260 level represents a tremendous barrier to Tesla, short-term. I would remind you that earnings come out after the close of June 23rd, and the “big Robotaxi event” is scheduled for August 8th.
Tesla’s strength recently has been impressive. These Fibonacci levels still count, however (notice resistance at red arrow for Monday), and I’d say very firm resistance awaits at $220.
