Hello friends, the performance of the Tesla stock (TSLAUSD) amazes me day by day. The fundamentals align with a very bullish and kinda healthy looking chart (combared to bitcoin). We can see that the price is moving above the Moving Average 50 & 200 (blue area) for a few months now. We've managed to make some nice gains by taking a long position at the breakout of the symmetrical triangle (purple) and riding it all the way to our final target at $650. While i thought the run was over (like many times before), the price continued it's strong movement by moving along a parabolic curve, towards our main target at $1.000.
Everything we see is basically uncharted territory. We don't have any resistance or zones of confluences above us (basically no data to rely on) so we will have to look out for psycological important marks, like back when the price hit the $500 mark and retraced to $320 in a few days. That's where to accumulation started. We can use the Fibonacci Retracement levels to verify possible entries as soon as the price retraces (probably for the next leg-up).
This kind of retracement can have different shapes. You can see a Falling Wedge above, which is followed by a strong breakout and a continuation of the trend. This pattern is SPECULATIVE and just an example of how things can play out. We still have to observe the strength of the move.
Let me know about your thoughts on TSLA and feel free to like this idea if you agree with this idea.
i love you Elon! cheers, Ares
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Trading Plan #1
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Thanks for the feedback guys! I will update this chart every once in a while. Let me know in the comments if you want to see other analysis as well
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I will update my idea for GameStop (GME) tomorrow, for those who are interested - the actual short squeeze is happening