In this technical article we’re going to take a quick look at the Elliott Wave charts of TESLA ( TSLA ) Stock published in the members area of the website. As our members know, the stock is showing impulsive bullish sequences in the cycle from the 101.38 low. We have been calling for the rally in the stock after 3 waves pull back. Our recommendation to members was to avoid short selling TESLA and keep favoring the long side. In the further text we are going to explain the Elliott Wave Forecast.
TESLA ( TSLA ) Stock Elliott Wave 4 Hour Chart 3.1.2023
TESLA stock ended cycle from the 101.38 low as 5 waves impulsive structure. Current view suggests we’re doing correction of the cycle from the 101.38 low. At the moment structure of the pull back looks incomplete. We got only 5 waves down from the peak that looks like leading diagonal, so we are assuming we have ended only first leg of deeper correction. Consequently we were calling for another leg down toward 186.48-170.34( buyers area). The stock is expected to find buyers at the blue box zone for 3 waves bounce at least or for a rally toward new highs.
TESLA ( TSLA ) Stock Elliott Wave 4 Hour Chart 3.1.2023
Eventually the stock made decline toward our reversal area- blue box zone as we expected. TSLA reached target zone at 186.48-170.34, found buyers and made nice reaction. Rally made enough separation from the lows to call correction completed. Now, 185.38 low is the key level for the view. As far as the price holds above that level, the stock can see further support. However, if the stock get weak and breaks 185.38 low, then we would have 5 waves down from the 02/16 peak , which will suggests we could see deeper correction against the 101.38 low
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts with target levels in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room
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