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The big event on Wednesday after the close was, of course, the Tesla earnings announcement. They haven’t done their call as of this typing, but let’s just say the reaction is not great right now, taking the stock down a few percent.
I’d like to visit this Tesla analog again, since it’s particularly relevant due to Wednesday being TSLA earnings day. It sounds bonkers, but I’d like to propose that it is not outside the realm of possibility that TSLA will drop another 10% in the next few days, even though it has already lost 22% of its value just in the past few weeks. Below is the analog I am tracking, which I find intriguing, to say the least.
Happy Friday, everyone. The futures are pure green right now, when the /ES precisely at its prior peak.
Below is the real estate fund symbol IYR. About a month ago, it was repelled beautifully by the two drawn objects: one, a major Fibonacci resistance level, and two, a long-term descending trendline. It has fallen hard since then, as God intended, and now it is even breaking the next Fib lower, suggesting the prospect of moving into an even lower range, which I’ve tinted.
Back in 2020 and 2021, Tesla set the world ablaze. The stock went up hundreds and hundreds of percent, making Elon the richest man on the planet, and the entire stock market fell in love with the man.
