Time-Price Setup In TSLA


On Thursday (8/4) we had a time and price setup in TSLA.  The price resistance came in at the 940.85-949.53 area.  The zone included two symmetry projections and a .618 retracement of a prior major swing.  The timing came in on 8/3-5 for a possible high also. 

This was when we called for ratcheting up stops on longs.... and of course if someone wanted to take a short against this same time/price resistance we got our sell signals Friday.  I am watching the support on the way down for a new buy decision, but I want to see the 15- or 30-min chart trigger before taking any new buy entries.  

Carolyn Boroden, who is renowned for her expertise in Fibonacci price and timing analysis, hosts the Fibonacci Market Analysis service at ElliottWaveTrader.