Tesla Update: Bears Come Roaring Back

Tesla has rallied over 31% in less than a month to regain some of the losses since the $299.29 high. Some have been calling that a sign that a new bull run is coming. As an Elliottician, I say that is the B wave of the larger correction.

I ENCOURAGE EACH AND EVERY PERSON READING THIS TO GO AND CHECK MY WORK/POST ON AUGUST 20, 2023 @ 2332hrs CST. In that post, my box says the high end of our target was $278...$278.98 was our high...

In the post before that, On August 17th, I called the bottom of the A wave @ the 1.618 fib line...the day prior.

I am not telling you all this to try and show off or seem like a boss. That is not the point I am trying to drive home at all.The point I want each and every one of you to understand is that price already has a pre-determined path, we just await the catalyst to propel us in the direction of the count. Human psychology manifests itself on each and every one of these charts and given enough people...it becomes predictable.

So, listen to me when I say this or not...it's up to you...PRICE IS HEADED TO $197.95 MINMUM!!! That doesn't mean it will go there in a straight line. As of now price is extending just as it is supposed to but we will have a couple retraces along the way. Due to price extending well beyond normal fib points on the micros I scaled out to the 4HR chart. Normally I would say that $240 is the low target before our next retrace, however, given the current extensions I have stretched the box to fit the 2.618 @ $230.55 which is a common end point for extended impulsive waves.

As of now I cannot say where this drop will end, but the 0.382 retracement from the April bottom just so happens to line up nicely with the 2.618 fib extension. These fibs just so happen to be right above the 0.618 fib extension of the primary wave 1-2 that started in January @ $101.22. So, to say that we have some VERY strong fib confluence coming up is an understatement. Nonetheless, my target at this time has given me 3 MAJOR indicators that price will end in the target box provided with a range of $173.63-$197.95, with a small possibility we fall to the 1.618 @ $160.13.

This analysis invalidates below $151.72 or if price reverses in an impulsive fashion. I have said it in the past and I will say it again, time is something I have yet to make predictable. Until then (haha yea right) do not use my box's as definite time determination for your trades.

I have some turquoise counts on the chart as side counts I am following. The ALT 1-2 shown next to our most recent decline is just suggesting we haven't had our minor 1-2 yet. Price is making it almost impossible to determine on the micros but utilizing the MACD I am of the opinion that we have indeed carved that out already hence the primary count. The next couple days if not tomorrow should clear that up. Don't forget, by my count we are in a C wave, and this means moves will normally be strong and fast.

P.S.: I have added the above-mentioned posts in the related links section of this post to make it easier for you to locate.

Bonam Fortunam,
--Tyler

評論:

If MACD makes a new low it is a giant signal we are indeed about to continue lower. I want to see MACD ultimately make a lower low than Wednesday's low. That will indicate that wave 3 has indeed started.

評論:

Tesla just hit the 1.618 and we are getting a reaction now as expected. Ideally this will retrace up for wave (4) before another drop for wave (5) of 1.

評論:

Notice MACD did make a new local low on the last low price made. Due to this I would not be surprised if price makes another slight low with a higher MACD reading to create positive divergence.