Tesla Inc. (TSLA) - Potential Elliott Wave Setup🔍 Analysis Overview
This chart showcases a potential Elliott Wave structure on Tesla's daily timeframe. Here's the detailed breakdown:
Wave Progression:
Wave (1), (2), and (3) completed, with wave (4) anticipated to retrace.
Wave (4) Retracement Zone:
- Targeting the Fibonacci retracement zone between 0.382 (340.99) and 0.618 (280.16).
- This zone aligns with a confluence of the trendline and previous support levels.
Bullish Targets:
- First target at 440.13.
- Secondary targets at 470.80 (1.236) and 489.88 (1.382 extension).
Risk Management:
- Stop-loss positioned at 275.00 to manage downside risk.
📊 Indicators:
- RSI and MFI reflect potential overbought conditions in the current wave (3), supporting the likelihood of a corrective wave (4).
🚨 Important Notes:
This is a speculative wave count and assumes the continuation of the broader uptrend. Breaks below the stop-loss zone could invalidate the setup.
