Tesla (TSLA): Profits Taken, Pullback Anticipated

19 дек. 2024 г.

What a rise by TSLA !

The stock has now reached the targeted wave 3 zone, and we might see some asset rotation out of Tesla into underperforming stocks that could attract renewed attention and capital inflows. Many traders have booked significant profits on TSLA, and larger players are likely to do the same in the coming sessions.

As usual, our focus remains on building a new position during a pullback. We are targeting the 38.2%–50% Fibonacci retracement levels, which should provide sufficient support for another push higher, potentially toward $585 or more. A key level to watch is the old all-time high. Should bulls defend it effectively, waiting for an entry at $371.35 might leave us sidelined.

However, we see no reason to force or rush an entry into TSLA at the moment. Patience remains critical as we wait for the market to come to us.