Elliot Wave Theory for TSLA
According to the chart analysis, we can see that in the smaller timeframe, Tesla just finished its basic Elliot Wave which consists of Wave 1-5 and ABC Wave.
In the bigger time frame, the wave as mentioned earlier is observed as a Wave 1-2 and the green candle in this month support the idea that maybe this is a time where Wave 3 begins.
However, It needs to mention that the macro doesn't give a very positive sign for Stock Market. Therefore we might want to be more conservative now.
We will only consider a Long Position if the price surpasses the ATH with good volume and price action to confirm the trend. The target will be 1.618 in Fibonacci and stoploss will be according to Dow as shown in the picture
In the bigger time frame, the wave as mentioned earlier is observed as a Wave 1-2 and the green candle in this month support the idea that maybe this is a time where Wave 3 begins.
However, It needs to mention that the macro doesn't give a very positive sign for Stock Market. Therefore we might want to be more conservative now.
We will only consider a Long Position if the price surpasses the ATH with good volume and price action to confirm the trend. The target will be 1.618 in Fibonacci and stoploss will be according to Dow as shown in the picture
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