Tesla Update: Wave 3 is Warming up

Normally the wave (3) of 3 wouldn't have such a wide box for a normal end point. The reason I have made a larger box then normal is due to the end target for wave (C). In order for us to make it down to those levels we will need to extend as I said in my last post.

So far to the upside we have hit the 1.618 of the A-B move up, the 0.618 fib retracement of wave (1), and have a completed count with OMH possible for wave (2). If we do make OMH, it most likely will NOT pass the 0.786 retracement as there is also a 2.0 fib level there. Should we make another high and structure agrees with me, I will most likely buy a couple more puts.

After we hit our next target for (3), I will most likely end up closing those puts and pocket the profits. There is always the possibility I hold them during our wave (4) retrace as I don't expect it to be deep. I'll decide when we get there as I don't want to get too far ahead of price.

Should we start to extend then a good ending for wave (5) of 3 would be at the 2.618 fib line @ $211.73. Tomorrow will hopefully bring us some extra clues on the path price takes to reach our goal.

Bonam Fortunam,
--Tyler

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I was busy this a.m and couldn't capitalize on the move up but it does appear we have started to the downside. For now, we wait for price to breach $243 for confirmation.

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This post is still applicable. I predict tomorrow to be a red day especially for Tesla. If my count is to be correct, then we should really make some headway to the downside this week. Here is an updated chart.

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Primary count invalidated. Brings us to either an elongated B wave or wave (3) of 3 is starting. I'm inclined towards the prior since we are still on neg divergence.