so from my fellow geek technician JC he always loves the “from failed breakdowns/ breakouts come strong moves” well here is a possible set up.
as a PATTERN guy what I have found is – totally technical – there is a reason for the market to stop at resistance or support.
in this case for TSLA you can see it’s “respecting” the .618 retracement from the last low … EVERYONE is watching this level and horizontal support.
and, if it breaks down, then “everyone” shorts and right below this breakdown level? 3 patterns coming in 173-179 ….
- pay attention to the “shaded blue triangles” as they represent equality in both PRICE and TIME. Appears 2/10 is the time frame for this level to be really equal in price and time. TBD …
- this type of pattern is a classic “FLAT” Elliott Wave correction … so, if TSLA is to go higher, believe this level needs to hold.
watch this level closely.
as a corollary, if we have a daily close below 173 then we have 153 and then, potentially, lower in the future.
let me know if you have any questions.