TSLA Weekly - Longer Term This is a TSLA Weekly chart that has all of the makings of a major turning point to the upside. I've stripped the chart of anything that detracts from the expected run into Fibonacci price targets: 336-458. Even in the event of breakdown below channel support, around 140 going into next week, a subsequent recovery back into the channel will be a great buying opportunity, on par with the Game Changer Buy in late 2019. More on this later should that support channel get challenged. For now, TSLA is bullish with an initial target of > $300, then double that into early 2025. TSLA Daily - Intermediate Term The weight of the evidence points toward the upside, if not immediately ahead, it will be here by early summer. Ergo longer term calls for our initial foray into this most recent Buy signal. As momentum builds shorter-term patterns will allow for more aggressive call strategies. Let price lead the way. The Big Picture DJI Long Term - Weekly One or two more weekly bars are still possible in the retracement rally before a new leg down asserts itself. This allows for one week, maybe two, then hard down is expected. As always, key levels will be identified to confirm new trend. DJI Daily The break of long term up channel followed by a reversal down is a classic pattern recognition Sell Signal, accompanied by the down red arrow confirms the trend change. News highs next is unlikely, but would turn us TSLA bulls without the asterisk. IWM Intermediate Term The Key Intermediate Term trade chart moving forward is this IWM Daily price bar chart that currently shows a near perfect retracement in terms of price and time, ahead of a third leg down, Note how the support ray shown on the IWM chart from last weekend was not broken last week, making it all that much more eventful when it does get broken, whether that is next week or next month. It will take a break below 195.00 and when it occurs, be ready to pounce on additional IWM puts. Gold (GLD) GLD Intermediate Term Gold (GLD) has reached its initial retracement zone and may be bottoming in a Wave 4 that will lead to fresh highs, above the Wave 3 high shown on the above chart. The original Jun calls are shown below and despite a substantial retracement, they have not yet hit 50% retracement stops - 50% from Best Percentage Gains. The same cannot be said for more aggressive roll-over strikes that got hit hard in Wave 4. Another reason that when taking profits and rolling over, we hang onto a small position, just in case. To maintain a longer term positions in Gold and GLD calls, this Jun $195C should be rolled over to the Sep 20 $225C. No hurry, but do so before that 50% stop gets triggered, somewhere around +230%. A suggestion for rolling over from Jun 21 call, thus buying more time and leverage. Trade of the Week SQ popped up on my screens late Friday after gapping up 10% on earnings at the open, but finished down 1.83% on the day. Never a good sign. Short SQ on a break below $67 via Jun 21st $65P (currently 2.50) Target < $50----> $65P > $15 50% Stop Progress In The Sky Boeing Economy Class, 1970 Boeing Economy Class, 2024 BA: Good News; Bad News From AllAllan - Jan 21, 2024: The good news: Bottomless orders from Department of Defense. The bad news: Planes falling apart and catching fire. Currently: Sell Signal in front of a 20% deep dive followed by a retracement to the signal line. Short Trigger: Reversal back down to take out Jan 16th low @ $199.50. Short - Aggressive Trigger: Taking out Friday's low @ $209.23. Next Target: Oct low @ $176.25 Low: $159.70 on Apr 25th
