The 119.52 rally target first broached here a while back should have been a piece of cake, but Tesla has in fact been struggling to get there. However, yesterday’s rally peaked just above a small ‘external’ peak at 104.26 recorded on 5/31, generating the first bullish impulse leg we’ve seen on the hourly chart in weeks. You can use this chart to orient yourself toward the new target at 120.42, but ‘camo’ risk avoidance when initiating a buy will best be found on charts of 15-minute degree or less. _______ UPDATE (June 19): DaScumballs who control this stock and who engineered May’s spectacular short squeeze to distribute shares bought at much lower prices evidently are in accumulation mode once again. How else to explain the adroit timing of a story planted in The Wall Street Journal yesterday that described Tesla’s troubles setting up a dealer network in states with laws that zealously guard car dealer monopolies? This story, played on the front page, could have been written at any point along the way of Tesla’s vertical run-up. The fact that it ran when it did attests to the power and cunning behind the rigged game that is Wall Street. _______ UPDATE (June 24, 8:25 p.m.): Three weeks of sideways tedium could make one forget that there are still higher targets outstanding. That is indeed the case, however, and the 120.42 target given above should be kept in mind as a minimum bull-market objective. ______ UPDATE (July 3, 11:00 a.m. EDT): Yesterday’s high at 121.89 fulfilled our target. Traders should position from the short side now. _______ UPDATE (July 8, 3:14 a.m. EDT): The pullback from our target amounted to a little more than $7, but traders would need to have been nimble to get shorts covered near the low, 114.27. Now the stock is once again a bull trade, targeted on 128.89 (60m, A=107.27 on 6/28). _______ UPDATE (July 12): Ahh, Tesla! There is evidently no limit to OPM’s reckless enthusiasm for an untested story. Next stop, now that the stock has topped today 54 cents above our target : 141.79. A move to this number should be considered an odds-on bet once Tesla has exceeded $130. ______ UPDATE (July 17, 12:01 a.m.): Bears kicked the stuffing out of a too-pumped Tesla yesterday, although some chat-roomers managed to turn a profit on the long side by catching a fleeting, $3.18 bounce that began from within a penny of a promising Hidden Pivot support. The relevant posts in the chat room came at around 09:55, and you can judge for yourself whether you would have acted on my advice. ______ UPDATE (July 18, 12:47 a.m. EDT): The way Tesla’s sleazy handlers trampolined the stock off yesterday’s gap-down, shakeout opening should have left no doubt about their intentions to take the stock significantly higher. Although the move has altered our target, it has paradoxically pushed it higher, to 147.28, assuming this correction is the fraud it looks to be. The ideal buying opportunity would come on a reversal from the yet-to-be-determined ‘p’.
Comments on this entry are closed.
Click here for a special deal for graduates of the Hidden Pivot Course who want to stay on the cutting edge
The consistent accuracy of Rick Ackerman’s forecasts is well known in the trading world, where his Hidden Pivot Method has achieved cult status. Rick’s proprietary trading/forecasting system is easy to learn, probably because he majored in English, not rocket science. Just one simple but powerful trick -- managing the risk of an ongoing trade with stop-losses based on ‘impulse legs’ – can be grasped in three minutes and put to profitable use immediately. Quite a few of his students will tell you that using ‘impulsive stops’ has paid for the course many times over.
Another secret Rick will share with you, “camouflage trading,” takes more time to master, but once you get the hang of it trading will never be the same. The technique entails identifying ultra-low-risk trade set-ups on, say, the one-minute bar chart, and then initiating trades in places where competition tends to be thin.
Most important of all, Rick will teach you how to develop market instincts (aka “horse sense”) by observing the markets each day from the fixed vantage point that only a rigorously disciplined trading system can provide.
The three-hour Hidden Pivot Course is offered live each month. If it’s more convenient, you can take it in recorded form at your leisure, as many times as you like. The course fee includes “live” trading sessions (as opposed to hypothetical ‘chalk-talk’) every Wednesday morning, access to hundreds of recorded hours of tutorial sessions, and access to an online library that will help you achieve black-belt mastery of Hidden Pivot trading techniques.
The next webinar will be held on Tuesday, May 24. Click below to register or get more information.
This 9-minute video explains Rick's trading and forcasting method.
The Popular Delusion That Keeps on Giving
The Banksters Should Be Careful What They Wish For
Tired Stock Market Needs More Fed Mumbo-Jumbo
An Uneasy Quiet
Ominously, the Extra Oomph Is Missing
Actual Tightening? Yeah, Sure…
When the Last Bear Has Covered…
Short-Covering to the Rescue!
A Stock Market in Distribution, Big-Time
Happy Friday the 13th!