Shares of Tesla Inc (NASDAQ:TSLA) have topped. I expect the stock to have a large corrective move to $325, possible as low as $285. Last Wednesday, euphoria hit an all-time high as the stock jumped sharply to new all time highs. The chart on Tesla Inc put in a doji topping signal and has since been under performing the stock market. Volume was huge on that doji day, signaling major distribution by institutions and smart money. In the days that have followed, volume has remained high. As the big money exits, the small investors who bought into the hype are left holding the bag. Investors buying north of $370 are insane. If they stepped back and did not let the emotion get the best of them, they would notice the stock has moved higher from $180 to $385. That is a monster 113% move since last November. That is not normal unless Elon Must cured cancer…and he did not. I love Elon Musk as much as the next guy but I am also a realist, and all signs point to a major top and correction in shares of Tesla Inc.
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