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Tesla (TSLA) is doing something I absolutely love to see — and it’s setting up what could be a powerful move into next week’s shareholder meeting.
We’re looking at what I call the “watermelon seed squeeze double-go pattern.” If you’ve followed my work, you know this is one of those setups that can deliver serious follow-through when it triggers properly.
Here’s what happened: Tesla made the initial watermelon seed squeeze move with that characteristic volatility, then gave us those progressively smaller bounces — smaller and smaller and smaller. After that, we broke out, ran the distance, and hit the target.
That’s phase one. Most traders would’ve called it done right there.
But here’s where it gets interesting. After we hit that target, Tesla consolidated. And now? If we break out again, that’s the double-go — the second leg that runs the same distance again.
The Math Points to $611 — Here’s How
When you measure the initial move and project it forward from the consolidation, the pattern puts us right up at $611. That’s not a random number — it’s the mathematical extension of the original watermelon seed squeeze distance.
My big-picture daily chart pullback target sits at $550, and we’re set up to run on up here to about $570 in the near term. Tesla’s potentially going to break out and run through that prior high.
The performance has been amazing, and the pattern structure is textbook.
My Position and the Shareholder Meeting Catalyst
I’m managing this setup actively. I have $600 calls sold against some Tesla shares just out the next week. And honestly? It’s crazy how much premium is on those calls — that tells you something about the expectations in the options market right now.
The timing here isn’t accidental. We have the shareholder meeting coming up next week — next Thursday, I believe. That’s the big show right now, and it’s providing a natural catalyst for this technical setup to potentially deliver.
The double-go pattern doesn’t always play out, but when the structure is this clean and you have a fundamental catalyst lining up with the technical timing? That’s when I pay very close attention.
Keep your eyes on whether Tesla can push through that prior high. If it does, the road to $611 opens up in a hurry.
Jeffry Turnmire
Jeffry Turnmire Trading
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I’m just a regular dude in Knoxville, Tennessee: a husband, father, civil engineer, urban farmer, maker and trader.
I’ve been at this trading thing with real money for 20-plus years, and started paper trading over 35 years ago. I have a knack for making some epic predictions that just may very well come true. Why share them? Because I like helping other people — it’s the Eagle Scout in me.
*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk.
P.S. I Just Issued a Bone-Chilling Market Warning!
With the data pointing to a potential Greater Depression… I recently went on camera to hold an urgent briefing…
And to show you how you can prepare your portfolio for what’s coming ASAP.
The crisis unfolding in the charts looks even more alarming than the COVID crash…
