Short

TSLA Is Unlikely to Break 300 and Will See 138 Instead

TSLA is likely to begin a bear market following the possible completion of a triangle pattern in wave {x}. Wave (e) of {x} has terminated near a significant Fibonacci cluster incorporating several degrees of trend. Prices should begin to develop lower in an impulsive manner against the wave (c) of {x} high of 299.3 towards and through at least the wave (d) of {x} low of 138.80.

Note

Tesla had a fantastic reaction to the significant Fibonacci cluster that was identified on July 16, marking the end of a triangle wave {x} and the start of a major bear market for TSLA.

Price may have reprieve in the short term but the any upside price action should develop in a corrective manner as price develops lower through at least 138.80 against the wave {x} high of 271.

PhiWaveCapital

Jayce, CEWA

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