Tesla : The road down
Since the top, price has had corrective waves only as expected. The main count has price looking lower fast in the 3th leg of a double three. Typically double three corrective waves have equal legs, so for this count look at around 760.
Looking at the alternative count, there is a possibility of a bearish triangle forming, where wave A of this triangle is the current wave (x). Triangles are the hardest to count in EW since they have the most alternatives, like bigger internal waves. Best thing to do is focus on the smaller internal waves now. From the wave b high, price is in a corrective wave again. Price might open a bit higher, but price should go lower and break yesterdays low. I want to go more in detail on the short term possibilities but fear this is already confusing enough as it is.
Let me know if you want to see more short term possibilities (from the wave b high), i'll update under this post.
Looking at the alternative count, there is a possibility of a bearish triangle forming, where wave A of this triangle is the current wave (x). Triangles are the hardest to count in EW since they have the most alternatives, like bigger internal waves. Best thing to do is focus on the smaller internal waves now. From the wave b high, price is in a corrective wave again. Price might open a bit higher, but price should go lower and break yesterdays low. I want to go more in detail on the short term possibilities but fear this is already confusing enough as it is.
Let me know if you want to see more short term possibilities (from the wave b high), i'll update under this post.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.