TSLA Update 02/27/2023

 Friday saw a gap down for TSLA, falling to 192.80 shortly after the open. TSLA then traded in a narrow range, with a slight upward bias, throughout the day. The fact that Thursday's 191.78 low held was important, as that is my Wave 4 low, and a break below 187.61 would invalidate the count, and likely mean a top was in. After holding those levels, TSLA moved markedly higher at the open, gapping up to 208.22 before a slight pullback. Another move higher brought the stock to 209.42, which proved to be the high of the day. From there TSLA fell slightly into the close, ending the session at 207.60.

A very short term count would call for a move higher from the close, followed by a pullback of 6 to 8 points. This move higher has a lower limit just below today's high, but the upper limit gives it a large range to work with. That would set up a final move into the 212-234 target area mentioned Thursday. On a cautionary note, another move higher at the open could put TSLA in that target range, so close monitoring will be needed from this point. One possibility would be for the initial move higher to carry to a point where the 6-8 point pullback keeps it above the 212 target. 

On the downside, I am watching the 191.78 and 187.61 levels. A break of those would seem to be near term bearish. Should be an interesting couple of days.

Contribute to further research,

Monday Update 02/27/2023

 In Thursday's Update I mentioned the possibility of another move down for SPY, probably below 396, followed by a move higher. Friday opened with a gap down, opening just below that 396 level at 395.54. Most of the day was spent bouncing around the 394-396 level, with only a couple of failed attempts to break through that 396 level. Today opened on a firmer note, with SPY gapping up back to the 400 level. I have also mentioned 402 as a near term resistance level, and SPY reached 401.29 before spending the rest of the session giving back most of those gains, falling back to 396.75 before rallying slightly into the close.

 Friday's drop below 394 was slightly more than I was anticipating, which again still leaves several possibilities from this point. There is still short term resistance at the 402-403 level. The primary short term count still calls for SPY 406-411, but the 402-403 may be all it can muster. 

Contribute to further research.

TSLA 02/23/2023

 TSLA continued the rally off yesterday's low at the open. A gap up brought it to 205.14. That proved to be the high of the day, as TSLA soon dropped back to 196.33, before working higher through the afternoon, closing at 201.99.

My count from yesterday's update remains the same, as I am still looking for a move to 212 - 234. Please help fund further research.

Thursday's Market Update.