Yesterday we shared AAPL Apple and today we want to show you another, similar wave structure on TSLA Tesla.
As you can see, Tesla made an impulsive five-wave drop in February, which actually suggest a reversal from the top into a higher degree correction, as five-wave cycle is barely the first leg A of a three-wave A-B-C corrective movement.
Well, recent recovery looks like a complex w-x-y corrective rally in wave B, which is now trading at key resistance zone here at the channel resistance line around 61,8% - 78,6% Fibonacci retracement.
So, if we are on the right path and if Tesla starts sharply falling back below 700 region, then we should be really aware of much bigger sell-off within wave C that can push the price even down to 500-400 support zone.
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Tesla on the way down as expected. Watch out for more weakness in upcoming days.
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Nice drop on Tesla since April, still room for 500 if not 400...
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Now that Tesla is recovering without hitting new lows, seems like wave B is going to be longer and more complex. Either we will see a bearish triangle or flat formation within wave B before we will see that sell-off for wave C towards projected 500-400 support zone.
Interesting analysis. I sold all my shares in the 880s and would like to buy some again before stock rallies to 1000 later this year.
Have you notice price decline after each earnings report during the last four quarters?
Sent you a PM as well