Tesla UpdateIf y'all remember I have been saying for a while now that Tesla was still in a long-term bullish structure. Many people have went back and forth with me with many claiming it will be the next cisco. However, I have held steadfast in my analysis. I would hope that the price action since April would finally open people's eyes to this. Although I thought price would hit the lower end, I called the $130's as a bottom for Tesla at the end of last year / beginning of this year. They have many things going for them that will dramatically increase the value of their company. Tesla is much more than just a car company that sells EV's.
That being said, let's take a look at the more immediate pattern facing us. Currently I have us as either still in wave iv or already starting wave v of 3. Should we be in wave v then we're targeting the area of the 1.618 @ $299.56 next to finish the minor wave 3. If wave iv isn't done yet, then we should drop back down to the $230.06 area at the 0.382 retracement fib. For those haters that read this post (if they actually read it), this doesn't mean we make a b line for these targets. Price moves in cyclical patterns, and this is just a road map with the two possible destinations and not a detailed route of how we get there. This upcoming week we should get our answer on if wave iv is in fact done yet or not.
