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TSLA – Chart of the Week for February 8, 2024

by | Feb 8, 2024

This week, I’m covering TSLA.

If you remember, it was the Chart of the Week on January 18th — exactly 3 weeks ago.

And it just hit the target I set. Another winner! (Sometimes I get lucky with these things.)

 

This Week’s Chart

First off, go review the alert I sent out on January 18th. You can view that here.

I want to make a super important point today — it’s why I made TSLA the chart of the week again:

There is no high-probability setup now.

Buying now would be like “catching a falling knife.”

The setup still has potential downside left to go to the 1.618 extension.

Now, that isn’t a high probability event, as we typically only see extensions to that about 35-40% of the time, and it could retrace back up to the 193-194 area before proceeding down — if it is going to go down further.

So, TSLA is on the bench for me right now as I wait for the next high probability setup to form on the chart. Let me know if you got a piece of this move, I did!

The point is that the move is done and whether you buy it or short it, you will be gambling!

 

The Chart

You can go check out my chart marked up with notes (entries, targets, etc) right here: https://www.tradingview.com/x/JjxNx0oh/

More Free Trade Ideas

I give out free trade ideas like this all the time on my daily morning show “Morning Monster”, as well as my “30 Minutes of Awesome” show Tuesdays at 5pm Eastern.

To get notified every time I go live with those shows, click here to subscribe to my YouTube channel.

Hope to see you there.

— Jeffry Turnmire

 

PS> *If you want more potential setups like this one every week, consider grabbing a subscription to my Market Roadmap indicator. Market Roadmap is my custom-built TradingView indicator that helps me spot many of the trades I post, including this one. If you’d like to grab Market Roadmap for yourself — and get access to some of my private Discord channels, too  — just click here to pick it up for $5!

In my Discord channels, I give out EVEN MORE free trade ideas — so think about it: Between the free YouTube content, the Discord channels and the Market Roadmap indicator, you could have more than a handful of trade ideas every week!

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