Elliott Wave Analysis: TESLA Is Still Looking For Wave C
Updated
Hello traders!
Today we will talk about Tesla, its price action from technical point of view and wave structure from Elliott Wave perspective.
As you may already know, we have been looking for that wave C decline for a while, but seems like it's temporary on a pause as price action is slow and sideways, so wave B correction looks to be bigger and longer, ideally as part of a bearish triangle formation. Well, we are still expecting TESLA to drop into 500-400 support zone, but probably once a bearish triangle pattern is fully completed as subwaves "d" and "e" are still missing.
After Tesla stocks split last year from $2,213 to $444, price can retrace to similar levels, a year later as A-B-C correction seems incomplete.
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Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Today we will talk about Tesla, its price action from technical point of view and wave structure from Elliott Wave perspective.
As you may already know, we have been looking for that wave C decline for a while, but seems like it's temporary on a pause as price action is slow and sideways, so wave B correction looks to be bigger and longer, ideally as part of a bearish triangle formation. Well, we are still expecting TESLA to drop into 500-400 support zone, but probably once a bearish triangle pattern is fully completed as subwaves "d" and "e" are still missing.
After Tesla stocks split last year from $2,213 to $444, price can retrace to similar levels, a year later as A-B-C correction seems incomplete.
Trade smart!
If you like what we do, then please like and share our idea!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Note
Tesla Update:Tesla is making a bigger intraday recovery, but a rise looks slow, choppy and overlapped, so we believe that Tesla is still trading in wave B correction, either within a triangle if stays below 800 region, or maybe even flat if we see a jump into 800 area. Keep in mind that we have five waves down in wave A from the highs, so wave C towards projected 500-400 is still yet to come, maybe at the end of the year.
Note
Yesterday's sharp decline on Tesla can be an indication that a projected bearish triangle within wave B is still in progress, which can later send the price back to lows for wave C towards projected 500-400 support zone.
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