Long

Unlocking Tesla's Potentials: A Deep Dive into Elliott Waves

Updated

Tesla's chart remains intriguing, particularly on the two-hour time frame. It's evident that we've experienced a Wave 1 structure after hitting the low at $194. Following that, a Wave A unfolded with a three-wave structure (abc), followed by another B with an overshooting flat pattern (abc). My current belief is that we're still in the process of forming Wave C /Wave (2). This wave should find support between 50% and 78.6%, and anything below could indicate a return to $194. I've placed my stop-loss at 50%, aiming for at least a short-term rise to $300, approximately 34%.

Trade active

My trade was filled and the bulls have to to do their job now. The first impulse right after the markets opening looks pretty good. Let's see if we can hold this area now.

Note

I am still inside my trade, even if Tesla did not perform really well. We were up Pre-Market, but had to test the low from 18. August 2023 and the first bullish break-out top from 28. February 2023. We still got some space to the down side, as the big Wave (2) can correct up the the level of 78.6% of wave (1). We have to be patient.

Note

My trade is still active and the chart seems to take a breather, before the financial report is published tomorrow after markets close. Let's hope for good news and a good financial quarter. I will keep you updated!

Trade closed: stop reached

Unfortunately, we got stopped out of our trade, as the financial report and the outlook did not match investors expectaions.

This now means, that we will have another opportunity to enter the market to better prices, which could be around $ 177 at the 61.80 % fib level of the bigger wave 2

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