Case study 1 Tesla analysis looking at raw price action
Let's have a look at Tesla
This analysis will not contain any indicators we will only be looking at price action and candle stick patterns to get a feel for this market
From there on the next analysis we will be looking deeper into indicators
What do we see that could provide us with some hidden insights into what direction Tesla might go.
But let's first look at what we see right now.
Tesla is making a huge descending wedge pattern.
The uptrend and descending wedge confirms a buy position some time in the future.
THE pattern seems very similar to btcusd before the big drop.
On the 4h time frame we seeing very clean cut resistance.
The market closed with a gap forcing a lower open and a slight bearish drop
Confirming the strenght of resistance.
The overall pattern is a ascending wedge with a pole making it a bearish pendant. Possible bearish break out.
We see a few bearish setups as Tesla was dropping.
We also see impulse waves on the short side
And correctional patterns on the long side
I think this could indicate there might just be more drop in Tesla.
But let's see.
We see the correctional pattern at the turn created a horizontal box range
The second one diagonal
Now we see a wedge pattern
On the monthly we are seeing a exhausion gap before the bearish ingulfing pattern was formed.
The bearish ingulfing pattern shows that the market had a higher open before the pullback that formed the bearish ingulfing pattern with the two wicks or rejection levels.
With all this said these things really shows strong bearish signal.
All pullbacks might look bullish but in this case it shows how the bulls are fighting to keep it from droping to low.
Well there is so much more to mention but
To be continued
WE WILL LOOK DEEPER INTO TESLA AND AIM FOR A ENTRY AS WE BUILD UP OUR CASE
This analysis will not contain any indicators we will only be looking at price action and candle stick patterns to get a feel for this market
From there on the next analysis we will be looking deeper into indicators
What do we see that could provide us with some hidden insights into what direction Tesla might go.
But let's first look at what we see right now.
Tesla is making a huge descending wedge pattern.
The uptrend and descending wedge confirms a buy position some time in the future.
THE pattern seems very similar to btcusd before the big drop.
On the 4h time frame we seeing very clean cut resistance.
The market closed with a gap forcing a lower open and a slight bearish drop
Confirming the strenght of resistance.
The overall pattern is a ascending wedge with a pole making it a bearish pendant. Possible bearish break out.
We see a few bearish setups as Tesla was dropping.
We also see impulse waves on the short side
And correctional patterns on the long side
I think this could indicate there might just be more drop in Tesla.
But let's see.
We see the correctional pattern at the turn created a horizontal box range
The second one diagonal
Now we see a wedge pattern
On the monthly we are seeing a exhausion gap before the bearish ingulfing pattern was formed.
The bearish ingulfing pattern shows that the market had a higher open before the pullback that formed the bearish ingulfing pattern with the two wicks or rejection levels.
With all this said these things really shows strong bearish signal.
All pullbacks might look bullish but in this case it shows how the bulls are fighting to keep it from droping to low.
Well there is so much more to mention but
To be continued
WE WILL LOOK DEEPER INTO TESLA AND AIM FOR A ENTRY AS WE BUILD UP OUR CASE
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