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

Elliott Wave Forecast Team ElliottWave-Forecast.com

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

ElliottWave-Forecast.com

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