TSLA The chart below is a Fibonacci retracement chart that measures the move from the March/May double bottom around $550 to last week's high of $1243. In less than six months TSLA was up 125%. That is an "impulse wave" subject at all times to a retracement before the next leg up commences. Typical retracements follow Fibonacci percentages pursuant to a natural progression or simply because everyone follows them, i.e., herd mentality. Whichever, they usually work. As is illustrated, the first level of Fibonacci retracement is 38% at about $975, the next level being 50% at $894, followed by 62% at $812. Those are the three key levels for a reversal back up, but only if yesterday's low of $911 is broken. Touching any of these levels, followed by a reversal back above $1,000, is my confirmation the low for this retracement is in. I am not suggesting that TSLA be traded, it should be held long term while price ultimately hits $2,000 by late next year, then doubles again into 2025. This juggernaut is not over, it's only recharging. UVXY Speaking of Fibonacci levels, here is the UVXY 30 minute chart showing a near perfect 38% retracement of the first leg up of what should be a multi-leg advance.
