Since TSLA hasn't made a new high in 5-days, a downtrend may be in place.
Therefore, count the number of days at one price starting at the high (which you can see is 7 from 280-281).
Next step was to look for the market to hold under the mode. Once under the 280-281 mode for an entire session, count that day as #1 and 7th day is today, which ought to mark the bottom of the current downtrend.
Comments on strength: The recent rally to 292 exceeded the strength implied by the consolidation around 262, which is bullish. Then TSLA fell more than was implied by the 292-272 range in the 7-day time-at-mode setup. That weakness reversed the previous bullishness.
I'd look for a move back to the 262-264 area.
Tim 250.38 last 9/23/2014 2:52PM EST
Therefore, count the number of days at one price starting at the high (which you can see is 7 from 280-281).
Next step was to look for the market to hold under the mode. Once under the 280-281 mode for an entire session, count that day as #1 and 7th day is today, which ought to mark the bottom of the current downtrend.
Comments on strength: The recent rally to 292 exceeded the strength implied by the consolidation around 262, which is bullish. Then TSLA fell more than was implied by the 292-272 range in the 7-day time-at-mode setup. That weakness reversed the previous bullishness.
I'd look for a move back to the 262-264 area.
Tim 250.38 last 9/23/2014 2:52PM EST
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