TSLA broke 800; M-pattern may reach 540 bef rally back to 800
TSLA in a downfall breaking 800 making a M-pattern. Next supports are 700, 600 & the ultimate strong support at 540.
If TSLA does not quickly recover 800 in the next few days, 540 may be the final destination. I dont think Elon will allow price to fall below 540. (Remember his tweeter offer was at 54.20?). Also 517 was a 0.618 retracement level from pandemic low (where the great rally begun) to the 1243 top.
I projected a fractal from the yellow box to see how TSLA will move going forward if it consolidates within the 800 to 540 zone.
If TSLA bottoms at 540, the rally back up to 800 will be fast. 540 will end the ABC wave 4 correction & start wave 5.
Not trading advice
If TSLA does not quickly recover 800 in the next few days, 540 may be the final destination. I dont think Elon will allow price to fall below 540. (Remember his tweeter offer was at 54.20?). Also 517 was a 0.618 retracement level from pandemic low (where the great rally begun) to the 1243 top.
I projected a fractal from the yellow box to see how TSLA will move going forward if it consolidates within the 800 to 540 zone.
If TSLA bottoms at 540, the rally back up to 800 will be fast. 540 will end the ABC wave 4 correction & start wave 5.
Not trading advice
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