By: Jeff Cooper
Hit and Run Morning Stock Report: February 15, 2023
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How To Trade TSLA With The Square Of 9 Wheel
TSLA bottomed at 101.80 on January 6.
This was a Time/Price square-out because 101.80 is opposite November 4 (2021), the date of its all-time high.
Red is November 4.
Blue is 212.
TSLA is up over 100% in its 7th week of advance since the January 6 low.
TSLA is up pre-market again today, trading at 214.
The following Square of 9 displays the significance of 212 and 226:
101.80 low, January 6, 2023 purple
360 degrees up is 145
720 degrees up is 198 green
Plus another 90 degrees up = 212 red
Plus another 90 degrees up (900 degrees from low) = 226 orange
209 becomes short-term support now as it vectors/vibrates off February 14/15.
Feb 14/15 blue vectors 209 red.
Most important is that the date of the recent low, January 6th (2023) red vectors 214 blue.
TSLA is gapping up this morning, trading to 214.
Will Time/Price square-out with the date of the low prove to be an Exhaustion Gap prior to a correction?
If TSLA offsets this morning’s up-gap, triggering a short-term Jump The Creek sell signal and then goes on to violate and close below 209, it has likely struck at least a short-term top.
A daily TSLA shows that TSLA is backtesting the break of a Leading Diagonal.
It also indicates that clearing 214 opens the door to 226 which as offered above is opposite the 101.80 low.
This pattern underpins the idea that a reversal may be on deck.
Breakage back below 209 opens the door to a pullback to the rising trend line at 180.