Tesla Inc ($TSLA) blue box area wins again – What’s next?

Elliott Wave Forecast Team ElliottWave-Forecast.com

In today’s article, we will look at the past performance of the 1 Hour Elliott Wave chart of Tesla Inc. ($TSLA) The rally from 4.27.2023 low unfolded as a 5 wave impulse with an incomplete bullish sequence from 6.26.2023 low. So, we advised members to buy the pullback in 7 swings (WXY) at the blue box area ($269.45 – 262.39). We will explain the structure & forecast below:

$TSLA 1H Elliott Wave chart 7.10.2023

Here is the 1H Elliott Wave count from 7.10.2023. The rally from 6.26.2023 low at blue (4) unfolded in a 5 wave impulse which signaled a bullish trend. We expected the pullback to find buyers in 7 swings at $269.45 – 262.39 where we entered as buyers.

$TSLA 1H Elliott Wave chart 7.16.2023

Here is the latest 1H weekend update showing the move taking place as expected. The stock has reacted higher from the blue box area allowing longs to get a risk free position and breaking above 7.03.2023 peak creating another bullish sequence. From here, we expect more upside towards $311 – 340 area in the near term and eventually a new all time high.

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Elliott Wave Forecast Team

ElliottWave-Forecast.com

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