Whilst the broader market closed significantly higher, there was notable strength in Tesla Motors (TSLA), which despite early declines (intra low $175.20), swung powerfully higher, settling +4.8% @ $187.65. Near term outlook offers the $200 threshold. Broader downside to the 120/100 zone looks due later this year.
Suffice to add, TSLA looks headed to around $200 by mid March.
From there, if my broader bearish outlook is correct - to the sp'1600s, then TSLA will likely take out the Feb'9th low of $141.09, and continue falling to the 120/100 zone.
Seen on the giant monthly chart, any sustained action <$100, will likely confirm a full retrace back to the original breakout level of $40.
*to be clear, I like the company, Tesla is an industry leader... highly innovative, but still... its a loss maker..with net cash out-flow.
No doubt, the CEO Musk will manage to raise more capital within the next year or two to keep the company fully financed, but for now... the valuation is simply ludicrous.