Tesla stock chart (weekly) shows a ripe gap waiting to fill
Look at how badly 2022’s casino patrons have been beaten by one of their previous bull darlings. It’s amazing. Tesla stock is crashing out of a massive Head & Shoulders top with the scariest thing being the pattern’s measurement, which is to 4 (+/-) by my calculation.
Okay, man who stares at charts, easy now…
4??!! Hey, it’s a measurement. It’s also an emblem of the over-valued US stock market that most people think will simply come back cyclically, as it always does when the Fed decides to be friendly again. Some of us, however, will have strong reservations based on market signals about a sidelined Fed, eh?
In that context, the chart of Tesla above is truly frightening. That’s not a man staring at charts trying to enthrall you with the profound things he sees. It’s a guy marveling at how bombed out Tesla stock is and how much further it could fall (81 at least, Armageddon at most). Sheesh.
We’ll find out sooner, if the Q4-Q1 seasonal rally is ending now or later, if it holds key ‘higher low’ projections that are still intact. Meanwhile, Elon Musk is selling massive amounts of Tesla stock and tending to that loonie bin with the blue birdie on top.
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