|

Tesla (TSLA) near support level according to Elliott Wave [Video]

Tesla ended cycle from 1.6.2023 low at 217.82. We labelled this rally as wave ((1)) as the 45 minutes chart below shows. Internal subdivision of wave ((1)) unfolded as a 5 waves impulse structure. Up from 1.6.2023 low, wave (1) ended at 123.52, and pullback in wave (2) ended at 115.6. The stock resumed higher in wave (3) towards 214, and pullback in wave (4) ended at 187.61. Final leg higher wave (5) ended at 217.82 which completed wave ((1)). Wave ((2)) pullback is currently in progress with subdivision as a zigzag Elliott Wave structure.

TSLA 45 minutes hour Elliott Wave chart

Down from wave ((1)), wave 1 ended at 208.31 and rally in wave 2 ended at 217.65. Stock resumes lower in wave 3 towards 196.74 and rally in wave 4 ended at 209.77. Final leg wave 5 ended at 191.78 which completed wave (A). Rally in wave (B) took the form of another zigzag in lesser degree. Up from wave (A), wave A ended at 205.14, and pullback in wave B ended at 192.80. Third leg wave C ended at 212.60 which completed wave (B) in higher degree. Stock has turned lower in wave (C) lower. As far as pivot at 217.82, expect rally to fail in 3, 7, or 11 swing for further downside. Potential target lower is 100% – 161.8% Fibonacci extension from 2.16.2023 high which comes at 170.3 – 186.4. From this area, the stock should find buyers for more upside or 3 waves rally at least.

Tesla Elliott Wave video

Author

Elliott Wave Forecast Team

Elliott Wave Forecast Team

ElliottWave-Forecast.com

More from Elliott Wave Forecast Team
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

EUR/USD retreats toward 1.1700 on modest USD recovery

EUR/USD stays under mild bearish pressure and trades below 1.1750 on Friday. Although trading conditions remain thin following the New Year holiday and ahead of the weekend, the modest recovery seen in the US Dollar causes the pair to edge lower. The economic calendar will not feature any high-impact data releases.

GBP/USD struggles to gain traction, stabilizes near 1.3450

After testing 1.3400 on the last day of 2025, GBP/USD managed to stage a rebound. Nevertheless, the pair finds it difficult to gather momentum and trades marginally lower on the day at around 1.3450 as market participants remain in holiday mood.

Gold climbs toward $4,400 following deep correction

Gold advances toward $4,400 and gains more than 1.5% on the day after suffering heavy losses amid profit-taking heading into the end of the year. Growing expectations for a dovish Fed policy and persistent geopolitical risks seem to be helping XAU/USD stretch higher.

Cardano gains early New Year momentum, bulls target falling wedge breakout

Cardano kicks off the New Year on a positive note and is extending gains, trading above $0.36 at the time of writing on Friday. Improving on-chain and derivatives data point to growing bullish interest, while the technical outlook keeps an upside breakout in focus.

Economic outlook 2026-2027 in advanced countries: Solidity test

After a year marked by global economic resilience and ending on a note of optimism, 2026 looks promising and could be a year of solid economic performance. In our baseline scenario, we expect most of the supportive factors at work in 2025 to continue to play a role in 2026.

Crypto market outlook for 2026

Year 2025 was volatile, as crypto often is.  Among positive catalysts were favourable regulatory changes in the U.S., rise of Digital Asset Treasuries (DAT), adoption of AI and tokenization of Real-World-Assets (RWA).