Is Tesla telling a classic story right on its chart?This looks like a textbook example of Richard Wyckoff's "Creek" analogy. For months, the stock faced a "creek" of selling pressure around the $280-$300 resistance line, turning back any attempt to move higher.
Before the big move, the price "backed up" to a Last Point of Support (LPS) to gather steam—that was the dip we saw back in Phase D. Then came the powerful "Jump Across the Creek," a breakout with strength and volume, launching us into what appears to be Phase E.
But the story isn't over. The sharp pullback we're seeing now isn't necessarily failure. It's the critical "Back-Up to the Edge of the Creek." The stock is testing if the old resistance (the far bank of the creek) will now hold as new support.
The question now is: Does the ground hold for the next launch higher, or does the price fall back into the water? This is the moment of truth.
