Where is TSLA heading?

First the fun part: 

With respect to the question where TSLA is heading, well it all depends, especially in terms of the timeframe. In the short term, anyone's guess as TSLA is notoriously volatile and fluid. It can change its direction with a heartbeat, especially when Musk starts to talk. So it is not easy to gauge its short term trend, although I have been trying to trade it for both directions. For now, I'm betting for a short term bounce.  What I'm trying to assess here is its long term direction and it doesn't look pretty if you ask me!

 As I said before, there is no way to analyze TSLA based on its fundamentals as it is still losing money. Rather all bets are purely based on people's wish and hope for it. Both bulls and bears have their specific arguments to defend their positions. For me, I'm more interested to see what its TA is telling me. Right now, its charting is painting out a rather bearish picture. It is a typical bearish H&S formation with rather overbought momentum indicators (RSI and MACD) and both of them are heading down. Now it is important to note, below is a weekly chart, which tends to play out the underlying trend in terms of months, not just a few days or even weeks. And purely from the technical perspective, TSLA can easily trend down towards its next major support around $200, if the weekly H&S pattern indeed plays out as it is suggesting. 

Considering the very uncertain period in the next few months due to the election, I personally won't be aggressively buying TSLA for long term purposes as it is highly likely we will see much cheaper prices for it in the months ahead!🤓

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