When we last looked in on this stock it appeared bound for a minimum 276.96. I’m going to revise that to 287.97, based on the monthly-chart pattern shown. I don’t consider that a likely place for a bull market top, just a weigh station en route to who-knows-how-high. The daily chart has been in a consolidation for two weeks and can be bought with a tight stop-loss on a pullback to 233.09 (60m, a=261.90 on 2/26). I’ve set a screen alert just above that price and will provide more-detailed guidance if and when the time comes. _______ UPDATE (March 11 , 8:05 p.m. EDT): The 225.86 target looks enticing for bottom-fishing (see inset, a new chart), so I’ll recommend doing so with a 225.89 bid, stop 225.79. I am not suggesting using options because they are priced in the stratosphere, but if you’d rather buy calls than stock, try to hold the initial risk down to no more than 0.15 per contract with a tight stop-loss. The 287.97 target given above remains valid. _______ UPDATE (March 17, 1:33 a.m. EDT): There are no corrective patterns clear enough to warrant bottom-fishing with a straight bid and a tight stop-loss, but you could attempt it using camouflage at the 220.75 target shown, or at 218.10 if any lower. _______ UPDATE (March 20): The stock continues to flag lower, presumably developing thrust for the next rally. Given the extremely steep pitch of the move that took TSLA to an all-time high at 265 (see inset), the correction may take another week or two to play out. _______ UPDATE (March 26, 8:26 p.m.): The selling looks likely to continue to at least 198.07, or perhaps 195.77 if any lower (see inset), assuming it breaches a 1211.41 midpoint support that contained the bearish tide yesterday. I’ve set alerts at the two targets so that we can be ready for the turn if it comes from either place.
