CLICK ON CHART TO ENLARGE
The Power of the Pattern on 3/5 reflected that TSLA, Google & Bio Tech (IBB) were creating bearish rising wedges (see post here) At the time of the post TSLA was trading at $254 per share. The Power of the Pattern got pretty close to nailing a high in each of these important tech stocks.
Since the posting on TSLA it has declined almost 20% (Google & IBB are down hard too) and broken below its steep rising channel above. Last week it created a bearish wick, looking like it made a very important kiss of the underside of resistance.
Now TSLA is at its 38% Fib level. IMHO, what TSLA does in the next couple of weeks is not only very important for this stock, it could well have an impact on the Nasdaq 100 as well. Tech needs TSLA, GOOG & IBB to create bullish patterns and turn higher ASAP.