Once again the market picked up on overnight overseas trading gapping up at the Open, and once again it has stalled out and is starting to give up gains. This frustrates both bulls and bears alike, as neither can make any money in this kind of trading environment. The pattern recognition analysis remains "edge of doom," waiting for the, "next shoe to drop." As for TSLA, the opening rally looked promising for the Intermediate Term Buy Signal to be triggered, but now that too is looking "iffy." If TSLA stays green into the close I expect a new Intermediate Buy, but that is a big if. Tale of Two Charts The SPY Short-Term chart has bearish implications being on a recent Sell Signal with price hovering just above two key levels. The longer-term oriented TSLA chart is trying its best to put in a Wave 2 low before taking off vertical toward its ultimate Wave 3 destiny. At least one, if not both of these charts will make us a lot of money. SPY - 120 Minute Short-Term Model. TSLA - Intermediate Term Buy still pending.
