Tesla (TSLA) broke above the previous peak on 7.11.2024 high at 271 and thus opens a bullish sequence from 4.22.2024 low. Short Term Elliott Wave in Tesla suggests the rally from 8.5.2024 low is in progress as a 5 waves diagonal. Up from 8.5.2024 low, wave ((i)) ended at 264.86. Pullback in wave ((ii)) ended at 212.12 with internal subdivision as a zigzag Elliott Wave structure. Down from wave ((i)), wave (a) ended at 237.81 and rally in wave (b) ended at 252.80. Wave (c) lower unfolded as 5 waves like the 1 hour chart below shows. Wave (c) lower ended at 212.12 and this completed wave ((ii)) in higher degree.
The stock has resumed higher in wave ((iii)). Up from wave ((ii)), wave (i) ended at 239.56 and pullback in wave (ii) ended at 235.36. Wave (iii) higher ended at 262.12 and pullback in wave (iv) ended at 253.25. Final leg wave (v) ended at 273.54 which completed wave ((iii)) in higher degree. Pullback in wave ((iv)) is in progress as a double three. Down from wave ((iii)), wave (w) ended at 255.51 and wave (x) ended at 263.35. Expect wave (y) lower to complete at the 100% – 161.8% Fibonacci extension of wave (w). This area comes at 234.5 – 245.5 where buyers can appear for more upside. As far as pivot at 212.12 low stays intact, expect pullback to find support in 3, 7, 11 swing for further upside.
