Elliott Wave Analysis on Tesla (TSLA) Looking for Double Correct

4 сент.

Short Term Elliott Wave in Tesla (TSLA) suggests that rally from 4.22.2024 low is in progress as a 5 waves leading diagonal. The internal subdivision of this diagonal is in 3-3-3-3-3. Up from 4.22.2024 low, wave (1) ended at 271 and pullback in wave (2) ended at 181.22. The stock has turned higher in wave (3) with internal subdivision as a 3 waves zigzag structure. Up from wave (2), wave ((i)) ended at 207.65 and dips in wave ((ii)) ended at 188.50. The stock resumed higher in wave ((iii)) towards 219.80 and pullback in wave ((iv)) ended at 212.21. Final leg wave ((v)) ended at 228.22 which completed wave A in higher degree.

Pullback in wave B is in progress to correct cycle from 8.5.2024 low with internal subdivision as a double three. Down from wave A, wave (w) ended at 210.2 and wave (x) ended at 221.48. Wave (y) lower ended at 202.13 which completed wave ((w)) in higher degree. Wave ((x)) rally ended at 219.90. Expect the stock to resume lower in wave ((y)) towards 181 – 194 area to complete wave B pullback before the stock turns higher. Near term, as far as pivot at 181.22 low is intact, expect pullback to find support in 3, 7, 11 swing for further upside.