TSLA and going to the octagon …

had the extreme pleasure to fly out of Miramar NAS (before it was given to the Marines) in San Diego CA…amazing flying, period.  one of the neatest things about Miramar was the “Octagon.”  circular in nature, it was 8 fuel stations that you would taxi up to in order to fill up the jet for the next go … it was fun to sit back as your jet received 16,000 (no tanks) or 20,000 pounds of fuel and look at the power of 8 jets around the octagon.  do the math, basically 160,000 pound of fuel being unloaded 15,20 times a day.

well, that is the key … in our last post on TSLA

https://bartscharts.com/2013/10/01/tsla-patterns-and-dogfighting-an-f-14-in-afterburner-check-fuel/

we showed how parabolic advances can move equal and opposite the preceding move (advance or decline) and how once parabolic it’s better to either tighten your harness or just get out …TSLA hit our target nicely (see post) and bounced yesterday.  A friend of mine has been playing the short side of this moves using options and last week (thursday or friday) I told him to target 153-154 and take profit or some off the table.  basically, come in for some gas, debrief and get ready for the next fight.

if you are a bull for TSLA, the 154-155 area was an ideal entry point because it represented the first BUY PATTERN to try and get into this amazing move.  here’s the rub, this was a 20% correction (or so) in an very powerful and extended (straight up) parabolic advance, so I still believe caution is warranted.  Particularly focus on a CLOSE below 174 after October 31.  That will be the FIRST MONTHLY SELL signal since the stock IPO.

here’s the chart that I was working off … pay attention, study it and hit me via email if you have any questions.

October 30 2013 TSLA pattern

Main20131030052615

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