Pulled up the weekly chart with the stochastic RSI & I have found this sell off is EXACTLY like Q2 2019
Below, I calculated the days since the weekly S.RSI bottomed & we came to (8 bars, 56 days) which pointed me at where we stand today
Then I compared it to the 2019 sell off & found that 8 bars after the S.RSI hit rock bottom, it would put you at the April 29 candle!!
THE SAME CANDLE WHERE WE SAW A DEAD CAT BOUNCE
Now I don't have a crystal ball, but given how momentum isn't coming to Tesla right now despite a nice bounce...
I think one more dip will take place OVER the next 4 weeks, THEN a substantial rally from here
Ironically 4 weeks from now would be Q1 2024's earnings week, THAT could be the bottom in Tesla once & for all
Below, I calculated the days since the weekly S.RSI bottomed & we came to (8 bars, 56 days) which pointed me at where we stand today
Then I compared it to the 2019 sell off & found that 8 bars after the S.RSI hit rock bottom, it would put you at the April 29 candle!!
THE SAME CANDLE WHERE WE SAW A DEAD CAT BOUNCE
Now I don't have a crystal ball, but given how momentum isn't coming to Tesla right now despite a nice bounce...
I think one more dip will take place OVER the next 4 weeks, THEN a substantial rally from here
Ironically 4 weeks from now would be Q1 2024's earnings week, THAT could be the bottom in Tesla once & for all