Tesla has been defying gravity far too long. It seems to be building a very flat top squeezed by a rising bottom which looks like a wedge to me. Of course, if you are the bullish person you’re not going to be looking for any bearish signals. TSLA has defied the bears as well, but Elon Musk made the bear’s life miserable during the entire time.
I have an open or uncapped 5th wave so technically I don’t know what wave count is next.
I do, but the only reason this 5th wave is uncapped is that I had no more editing room. I believe that TSLA has or still has to hit a Cycle degree wave 3 peak but I need more evidence in the short-term to confirm it. Tesla is all about commodities, so it stands to reason for all the choppy wave structures. In the future, I will re-work the last 2-3 years in different ways to eliminate any potential expanded top. No expanded top can mean a single zigzag while an expanded top is instantly a flat.
4 or 5 times Tesla tried to breakout and push higher, bit so far it has failed.
My Gold/TSLA database is not that large, as I have to build it from scratch. Today this ratio sits at 3.48:1 which is extreme when we use gold as money. Most of 2018 the Gold/TSLA has been averaging between 3-5:1 which looks like TSLA has been hitting a ratio brick wall.
The cheap range of the Gold/TSLA ratio is between 60-70:1 so we have a longway to go before TSLA becomes cheap again.