TSLA has been on a relentless tear since putting in a low at 101.81. After an initial move higher to 123.52, TSLA moved sideways, bottoming at 115.60. From that point it was almost a straight line up to 214.00, with only short pauses along the way. Once hitting 214.00, TSLA had a slightly deeper correction to 187.61. That did not last long, however, as the stock quickly recovered and out in a new high at 217.65.
My analysis shows Wave 3 of a 5 wave sequence completing at that 217.65 high. The subsequent pullback to 197.50 was likely Wave 4, with Wave 5 currently underway. If this count is correct Wave 5 should carry TSLA to a new move high. The maximum price for the sequence as described would be 240.00.
TSLA appears to be in Wave 5 of the current 5 wave sequence, and should complete this sequence between 217.65, and 240.00. A move below the previous 197.50 low would likely mean that the sequence has completed. After this move, I would look for a more substantial pullback.
If you find this analysis helpful, please donate so I can continue bringing it to you.
No comments:
Post a Comment