Regrettably can not hold an ubber bullish stance anymore and not because we sold our longs yesterday after being long from 251, but because is hitting 4.764 extension on this chart (link1) and 4.764 extensions are hard to overcome in our experience, TSLA as AMZN and FB might be a stock that challenge this important extension and tries for 330.08 equivalent 6.854 extension (link) but that is something to see.
Upper support based on the inner count is 298.41 (link) and standard should be 280.61 (link). If TSLA holds 280.61 we could project an elusive one more high to 312.93. We are reluctant to play the one more high/one more low game, but with a GTC stop at 272 this trade would have a good risk reward, chart here (link).
For reconciliation of patterns look how 4.764 stopped the move last time and found support at previous 3.118 extension (link). Coincidentally previous 3.118 extension on the current structure (link1) is 282.50 contributing to the probabilities for this 280 area to hold. Just remember the tight GTC stop at 272.
Now, continuing with our very conservative outlook, notice it is topping here (link) just at 1.382 extension for cyclical wave 5 meaning that from here or from 312 should retrace to 242. Additionally is hitting 1% from the 2016 lows and support for this pattern is 257.61.
After revising all the information available we conclude that for now it is not the time to be ubber bullish or optimistic, but to be cautious on TSLA.
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