RACE, TSLA updates 01/17

Lets talk fast luxury cars 🙂

RACE: Completed major-4 even shy of the minimum retrace level for a 4th wave of 23.6% of the prior entire 3rd wave. That’s Bullish. The daily and monthly charts look solid (both not shown here), and using the weekly chart we can see a nice bullflag as well as simple symmetry breakout both targeting around $130-$135. All TIs are pointing back up, but please note the typical “5th wave setup” for the weekly MACD: no buy signal yet… In addition, the MFI is not making new highs either: less money is pouring into the stock during this move. Typical for a 5th wave. Price however is starting to breakout from the month’s long consolidation period and if it can close the week at today’s levels then the breakout is confirmed as there’s a 52w new high close: that’s Bullish.

race weekly.png

*************************************************************************************

TSLA: Solid candle today as it’s trying to break above the red intermediate-i high. Price should be on the cusp of minute-iii of minor-3. Everything is tracking as planned and updated last. Not much new to add, other than that the chart looks long and strong as all TIs remain pointing up and on a buy. Price target of around $400 remain for Primary I. Stops can be placed at $310-$300 or at desired comfort level to not blow up ones’ trading account: discipline! NEVER not exit a trade because price gaped over your stop level, etc. Kill the trade when your stop (either in $ or % is hit) No remorse!

TSLA daily