Short Term Elliott Wave in Tesla (TSLA) shows that the rally from 8.18.2023 low is in progress as a 5 waves impulse. Up from 8.18.2023 low, wave (1) ended at 278.99 and dips in wave (2) ended at 234.58. The stock has turned higher in wave (3). Up from wave (2), wave ((i)) ended at 254.77 and pullback in wave ((ii)) ended at 239.35. The stock resumed higher in wave ((iii)) towards 263.6 and dips in wave ((iv)) ended at 250.65.
Wave ((v)) is in progress as another impulse in lesser degree. Up from wave ((iv)), wave (i) ended at 261.65 and pullback in wave (ii) ended at 252.05. Expect the stock to extend higher 1 more leg to end wave (iii), then it should pullback in wave (iv) before it resumes higher again in wave (v) to complete wave ((v)) of 1 in higher degree. Afterwards, it should pullback in wave 2 to correct cycle from 9.28.2023 low before it resumes higher again. Near term, as far as pivot at 234.55 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.
Tesla (TSLA) 45 minutes Elliott Wave chart
Comments are closed.