Hi everyone,
Overview: I started posting weekly TSLA updates on July 3rd. Since then, it has been really tricky to count it. Although we had to do a major relabeling once (from triangle to double zigzag as wave x), we could predict most of the move accurately based on the structure.
Update: basically my last published hourly count needs no update, price action followed it perfectly. However, I am now doing a relabeling to my daily count. I was expecting the current move to be a wave IV of a flat correction, but this wave has extended more than what I would consider as a wave IV (it is still not invalidated to consider it as wave IV). In my new labeling of the daily count, we have completed a zigzag so far (W) with one connecting (X) wave. Right now, we are in the second zigzag, wave (Y) and I think its wave B will be completed very soon, most probably on Monday, Aug 1st. What follows is the leg C of (Y) to new lows, to complete this correction phase from the ATH. What I want to see on Monday is a topping candle on decent volume.
Why I believe wave B will be completed on Monday? lets look at the hourly chart: I can see that the second zigzag of B (wave c) is near completion. Potential targets for wave B top (931-950):
From higher to lower degree waves:
1) Wave B retracement of wave A: 931.4 and 948.5
2) Wave c: 933.1 and 949.12
3) Wave (V): 934.11 and 954.01
4) Wave c: 933.14, 946.92 and 949.68
Overview: I started posting weekly TSLA updates on July 3rd. Since then, it has been really tricky to count it. Although we had to do a major relabeling once (from triangle to double zigzag as wave x), we could predict most of the move accurately based on the structure.
Update: basically my last published hourly count needs no update, price action followed it perfectly. However, I am now doing a relabeling to my daily count. I was expecting the current move to be a wave IV of a flat correction, but this wave has extended more than what I would consider as a wave IV (it is still not invalidated to consider it as wave IV). In my new labeling of the daily count, we have completed a zigzag so far (W) with one connecting (X) wave. Right now, we are in the second zigzag, wave (Y) and I think its wave B will be completed very soon, most probably on Monday, Aug 1st. What follows is the leg C of (Y) to new lows, to complete this correction phase from the ATH. What I want to see on Monday is a topping candle on decent volume.
Why I believe wave B will be completed on Monday? lets look at the hourly chart: I can see that the second zigzag of B (wave c) is near completion. Potential targets for wave B top (931-950):
From higher to lower degree waves:
1) Wave B retracement of wave A: 931.4 and 948.5
2) Wave c: 933.1 and 949.12
3) Wave (V): 934.11 and 954.01
4) Wave c: 933.14, 946.92 and 949.68
