Seeing a potential for short term pullback as with many other names I've been tracking. If we break the longterm trendline then potential for 521 around 11/25. Long term to next year I am bullish with an interesting alignment of 1181 on November 18.
Tesla is in a good position to buy , Take Profit on 50MVA. If it crosses 50 MVA on Day TF , it may touch 673.95 .
Tesla is launching a new luxury model , retail investors are optimist about the news.
IMPORTANT : It is not a financial advice . Just for education purpose.
If it holds 50% as resistance then it is likely to fall to 412-380 to complete (v) of 5. 665-670 should hold as resistance if wave count is right.
636 -640 is also resistance and counter may reverse from here.
Not an expert on EWT. Just a random guess on wave count.
Breakout Failure on top.
The chart structure is shifting towards consolidation and test of supports.
Sustaining and closing below 601 in the coming weeks may well take Tesla to break the low of 546 & then proceed to achieve 450-36 to 420 range.
The Down move scenario gets invalidated on successive closing above 670
As we can see on the daily timeframe, starting from April 14, the price has been moving in a downward channel and Tesla has dropped by 30% from its highs that were in January of this year. Now the price has bounced off the support level and growth is possible, but most likely the price will continue to fall and may drop to $ 500 or $ 450, which will already be 50%...
EWT count is marked on chart. TSLA in 4th wave of corrective wave. Ideally it should stop at 38.2-50% of wave 3 but it can stretch to 61.8% ( can't take out low of 1). Price can retrace to 745-750 and then reverse for 350-380 zone. 777 is the GAP resistance which should not be taken out if this wave count is right.
Disc : it's not an investment advice to buy or sell