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Don’t get me wrong. I hardly think TSLA has slipped one day and that’s the end of it. On the contrary, my first meaningful target price is $165. For the immediate moment, however, it did a great job nailing its measured move for its head and shoulders top based on the minute bars.
It isn’t one of the most widely-followed instruments out there, but the Broker/Dealer Index is carving out some fascinating patterns lately. The battle is between the magnificently-formed top and the most recent wedge pattern. The equity remarks are deeply unclear these days, but at least there are clean patterns shaping up to tell us the answer……………once they FINALLY break, one way or the other. At this point, the next big event is Mr. Powell two-and-a-half-hours after Tuesday’s opening bell.
If there are three stocks that, later in 2022, I believed were exemplars of amazing, gigantic tops, they would be MDB, SPLK, and NOW. In all three of these cases, the strength in the NASDAQ has pushed prices deeply into their patterns. Of these three, I’ve retained my position in only one of the – SPLK – and I’ve lost ample amounts of cash on all three of them getting into – – and back out of – – position. I have not lost faith in the long-term potential of these gargantuan tops, but I think they illustrate very well just how challenging this bear market has been. What started off as picture-perfect tops have turned out to be, to put it kindly, very messy.
Keep in mind that Thursday post-close is when pretty much every tech giant reports all at once.
