TeslaShort
Tesla still has a long way to go
Yesterday, Tesla extended a new low slightly below the previous one. Tesla is now at $205.37, clearing the way for the Alternative Count.
Thus, we can assume that we saw the overriding [1] in November 2021 and have been in a correction since then.
Typical for the wave [2] is a correction at least below the 0.618 retracement. Also common for the type of correction, according to the Elliott waves, is the 1.618 extension of waves [A] and [B], which is just above the 0.786 retracement at $98.55.
elliottwave.com/investing/-/media/C4E91E40381B49D5850A415C9E25B8A4.ashx
What this means for us is that Tesla stock is likely to fall almost 54% more. The next hurdle is at the $158.58 (-26%) where the 0.618 retracement is tested.
Tesla has lost almost 30% in the last 30 days, such an impulsive sell-off suggests that the correction is not over yet.
However, if the price now turns around and sustainably rises above $315.13, the alternative scenario comes into effect and we still see values around $400. After all, still with 40% likely.
Translated with DeepL.com/Translator (free version)
Thus, we can assume that we saw the overriding [1] in November 2021 and have been in a correction since then.
Typical for the wave [2] is a correction at least below the 0.618 retracement. Also common for the type of correction, according to the Elliott waves, is the 1.618 extension of waves [A] and [B], which is just above the 0.786 retracement at $98.55.
elliottwave.com/investing/-/media/C4E91E40381B49D5850A415C9E25B8A4.ashx
What this means for us is that Tesla stock is likely to fall almost 54% more. The next hurdle is at the $158.58 (-26%) where the 0.618 retracement is tested.
Tesla has lost almost 30% in the last 30 days, such an impulsive sell-off suggests that the correction is not over yet.
However, if the price now turns around and sustainably rises above $315.13, the alternative scenario comes into effect and we still see values around $400. After all, still with 40% likely.
Translated with DeepL.com/Translator (free version)
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.