Short term Elliott Wave view suggests rally from August 18, 2023 low is unfolding as a 5 waves impulse. Up from August 18 low, wave 1 ended at 241.55 and pullback in wave 2 ended at 226.50. The stock then extended higher in wave 3 towards 261.18. Pullback in wave 4 ended at 242 with internal subdivision as a regular flat. Down from wave 3, wave ((a)) ended at 255.7 and rally in wave ((b)) ended at 260.65. Stock then extended lower in wave ((c)) towards 242 which completed wave 4.
Tesla has turned higher in wave 5. Up from wave 4, wave ((i)) ended at 258 and dips in wave ((ii)) ended at 243.26. Internal subdivision of wave ((ii)) unfolded as a double three Elliott Wave structure. Down from wave ((i)), wave (w) ended at 245.08 and rally in wave (x) ended at 252.44. Stock then extended lower in wave (y) towards 243.26 which completed wave ((ii)). The stock has since resumed higher in wave ((iii)) towards 274.85. Expect pullback in wave ((iv)) before the stock extends higher again in wave ((v)) to end wave 5. Near term, as far as pivot at 242 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.
