A Look at TSLA, the Poster Child of the Bear

Up until the end of 2018, TSLA was the heart and soul of speculative sentiment.

Few stocks have ever captured such extremes in bullish and bearish camps.

Indeed, while the market swooned last fall, TSLA rode against the trend and drove higher.

From its last swing high at 379 a full 3 cycles or squares of 360 degrees down is 181.

Yesterday on the private Hit & Run twitter feed I posted that May 23/24 squares out with a price of 180.

In other words 181 is 90 degrees square the today/tomorrow.

Consequently, I said I was taking an overnight short.

From the December 377 closing high we get 380.

It will be interesting to see how TSLA behaves at this 180 region as the break of a trend channel often times presents as a Selling Climax within a week.

Notice how TSLA has accelerated as it snapped its well defined trend channel on the weeklies below.

Waterfall declines often start from 3rd lower highs. TSLA started a waterfall decline that started a key 7 weeks ago from a 3rd lower high.

Pos TSLA, TSLA puts