Tesla finally backed off its post-election craziness on Tuesday, but in the months ahead, I think it might follow a path something along these lines:
Tesla W.A.G.
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Turbocharged Tesla
That massive inverted H&S is already working its power. Remember my target for next year – $460 – although I think the double dose of Fib Retracements (green tint) will halt it soon.
Fibonacci Fly Trap
Next Tuesday’s election (have you heard about it?) is going to move a lot of financial instruments, one of the most important being Tesla. If Trump wins, TSLA should fly. If Trump loses, it’ll get nuked. As it is now, it has found powerful resistance in the same place it has for the past 18 months: right at the trio of Fibonacci retracement levels, where it is stuck at roughly $260 for the foreseeable future.
Tesla Stability
As I anticipated on Friday, on the heels of the post-Robotaxi-wipeout, TSLA has wound firm support in the midst of this trio of Fibonacci retracement levels. If it should strength, the first important test is going to be that gap looming at 232.34:
Tesla’s Good Behavior
I think one would be hard-pressed to find a financial instrument as chart-compliant as Tesla. It behaves itself beautifully with respect to its Fibonacci retracement levels and major trendlines, and what has transpired over the past couple of weeks illustrates that neatly.
The stock peaked (medium-term) on the last day of September, tagging a descending trendline that commenced at its lifetime high of $414.50 about 35 months ago (!) I suppose this must have been excitement about the 10/10 event. It has lost about 15% since then, and now I believe this is an area of strong support (green tint representing the trio of Fibs in this zone).
