Tesla UpdateLast Thursday Tesla finally raised to enter my target box. It hit the orange 1.0 I had drawn and started to consolidate lower. Rather it makes another high or two remains to be seen, but either way, we should be headed towards my next target box lower soon. Should price begin to raise again, it should ideally be contained by the 0.786 / 1.236 in the $252 area as mentioned previously. The 1.382 & 0.854 create confluence in the area of $258 should price somehow make it through the top of the box.
There are a few ways to look at the pattern before us. On the larger time frame, this is either wave (2), or potentially still within primary wave ((2)). The prior targets the grey box from $182-$167.09 while the latter targets $102-$125 (turquoise box). There is a small possibility that this is the beginning of wave (3) of ((3)) but given the corrective nature of the pattern I find that highly unlikely at this time. If that were the case, then it would normally have moved higher with equal or even greater strength than the late April move higher.
The move down from here should give us answers on where price ultimately wants to go. When we start to carve out the next part of the pattern, I should be able to give a more detailed answer to that question.
