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The reason the Death Cross is historically the lowest point for stocks is a mixture of people who buy low and survivorship bias.
Given the reason Tesla declined so much, I could very easily see it continuing to spiral. The only recovery is a huge buyup by another ultra wealthy individual, but doing so would mean liquidating some of their own assets, so sucks to suck Elon.
I am so excited for eel-on-musk to get margin called :D
Anyway, analysts apparently don’t think death crosses are as reliable of an indicator as they are sometimes described by chart readers. According to Reuters, about half the time that a death cross appears, it marks the worst point for the index rather than a harbinger of a steeper decline. Regardless, it’s probably fine to taunt Tesla-maxxers with this news if you want an easy laugh.