TSLA Buy Pending As first suggested in this Oct 5th Update, the TSLA Intermediate Term Trading Model has triggered short term Buys and is now close to a fresh Intermediate Term Buy Signal. Instructions for taking this hew signals are below this updated Daily price bar chart: TSLA Intermediate Term Trading Model A preliminary small Buy arrow is appearing on today's daily price bar chart. If it is confirmed with a larger arrow we will have a fresh Buy Signal. The Fib extension tool is forecasting this new leg up will take TSLA well above $300, possibly as high as $400 in the next 3-6 months. For now, any close above today's intraday high of $268.94 will trigger the following new TSLA long option trade: TSLA Jan 19 2024 $300C - (16.35-16.45) Target TSLA $330-350. $300C --> $30-$50 Stop: Optional 50% trailing stop Alternative: TSLA Jan 19th 2024 $330C (9.05-9.15) The Big Picture - Reversal Pending? The relief rally of the past few days may be on its last legs. If so, the worst part of the third wave decline at multiple degrees of trend will take hold. A resumption of last week's market decline will open massive add-on put opportunities for our October and November index puts. One way or the other, multi-fold option gains are ahead. Stay closely tuned to these updates. SPY Intermediate Term Trading Model If SPY breaks down below its Fib retracement window, a drop below 420, it's game over for any further rally. Currently SPY is trading at 436, a decline below 430 is our fist "tell" something is wrong and below 425 we can assume that Wave circle V is in play, target 410-380. Best Situated Puts for Imminent Reversal Back Down SPY Oct 20th $430P (2.25-2.30) IWM Nov 15th $170P (1.98-2.00) Bottom Line It's extremely unlikely that that TSLA will trigger Long and that SPY/IWM will at the same time begin reversing back down. Nonetheless, one of these two most disparate trading opportunities IS likely in the days ahead, and active traders need to be ready, either way.
