Short Squeeze Continues
Unless we reverse right here and now, Fibonacci retrace and projections (shown below) target the $260 – level for TSLA.
If you know what’s (potentially) coming, you can get ready.
The ‘Ponzi’ case for Tesla has already been established with this prior link, here. Of special note in that link, are the production percentages for General Motors.
Didn’t we just see another ’66’, at this link?
With all of that, let’s go out on a limb and project TSLA might top at 266, instead of the Fibonacci projected 260 (not advice, not a recommendation).
Tesla TSLA, Daily
The daily chart is compressed to show the entire down-wave and retrace from the November 4th, 2021, high.
Three retrace levels are shown (magenta); first is 23.6%, then 38.2% and labeled retrace of 50%, near the 259-level.
Moving closer-in, and including Fibonacci wave projection, while keeping the retrace levels, yields the following.
The chart’s a little bit busy but one gets the idea.
There’s a Fibonacci overlap of retrace and projection near the 259-260, level.
What’s another 6-points between friends to get to 266?
Of course, anything can happen and TSLA, could reverse to the downside on Monday.
However, if it continues higher, we’ll be monitoring for potential confirmation of the target and subsequent reversal (not advice, not a recommendation).
Charts by StockCharts
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
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