Elliott Wave Analysis of Tesla Bullish Perspective with CautionsHello Friends
Here we had shared study of Elliott wave analysis for Tesla A bullish perspective with cautions,
In the world of Elliott Wave theory, let's take a closer look at Tesla's chart. Here's what we found.
On an intermediate degree, we've witnessed the completion of two waves, elegantly labeled as "Wave (1)" and "Wave (2)." Currently, the spotlight is on "Wave (3)," which tends to bring about significant market changes.
Within Wave (3), we've ventured a step further by identifying "minor wave 1" of Wave (3). This delves into even greater detail, allowing us to see the inner workings of market dynamics.
Zooming in even closer, we've navigated the world of "minute" degrees within "minor wave 1." This revealing sub-waves (i), (ii), (iii), and (iv), setting the stage for what's next - the anticipated "sub-wave (v).
But that's not all. A promising development has occurred. Tesla has broken above the 0-B resistance trendline, signaling a potential shift in momentum and strengthening the case for a bullish scenario.
In summary, the Elliott Wave analysis suggests a bullish outlook for Tesla, with the breakout above the 0-B resistance trendline serving as a confirmation. Long positions are an option, with target levels set at 400 and 500, and potentially more. However, caution is warranted, with an invalidation level set at 101.81. If Tesla's price were to drop below this level, it could indicate a different scenario - a potential double correction as double (a)-(b)-(c) which we can label as "W-X-Y" within "Wave (2).
As always, no analysis is infallible, and surprises can still occur in the market. Risk management remains crucial. We'll eagerly await your further instructions to continue exploring Tesla's potential.
I am not sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses.
Thanks
RK💕
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The analysis and discussion provided on in.tradingview.com is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
