Overview: The chart of TSLA is definitely one of the most beautiful charts I can see in the markets. I need to provide more description than I usually do in this TSLA update, because I want to do a major relabeling. First, let's review our expectations on the previous update:
As you can see, our expectation was a bullish week for tsla peaking at 300.8-307.7 and this matched the reality nicely peaking at 309.12. So, we did not miss the move.
So far, this count has not been invalidated, but due to the strength observed on TSLA, I now prefer to change my count, as it is not the most probable scenario anymore, yet not impossible.
Update: in the new count, I think TSLA wave B of (Y) is still in process. In fact, we are in its wave (V). Let's look at the hourly chart: we can see that we are in wave 3 of c of (V) of c of B.
Potential targets for wave B peak? (324.86-330)
1) Retracement of wave A: 316.11, and 324.86
2) Volume profile of wave A: 318.51, 324.54, and 329.17
3) Fib ration between waves a and c of B: 322.24, 324.56, and 334.02
4) Fib ratios for wave (V) of c of B: 319.64, 328.91, and 332.36
5) Support/resistance levels: 320.24, 326.52, and 333.34
Note: there is a chance that TSLA has already bottomed. How is that possible with my current labeling? well, the correction from ALH, could have been a flat, and my current wave A of (Y) could also be leg C of the flat, as it has 5 subwaves and my current wave B of (Y) could also be wave 1 of next bullish phase on TSLA, as it has 3 subwaves. But, this is not something to be worried about, because either way, what follows is that TSLA peaks very soon and we will have a major pullback, either making a new low (so the current count would be still valid), or falling short of making a new low (wave 2).
- TSLA developed wave II of C of (Y) in this week, as we expected, it just went higher than our potential target area.
- It seems wave II developed as a flat and we are in it's wave (c).
- Potential target for wave II peak: 300.8-307.7
So far, this count has not been invalidated, but due to the strength observed on TSLA, I now prefer to change my count, as it is not the most probable scenario anymore, yet not impossible.
Update: in the new count, I think TSLA wave B of (Y) is still in process. In fact, we are in its wave (V). Let's look at the hourly chart: we can see that we are in wave 3 of c of (V) of c of B.
1) Retracement of wave A: 316.11, and 324.86
2) Volume profile of wave A: 318.51, 324.54, and 329.17
4) Fib ratios for wave (V) of c of B: 319.64, 328.91, and 332.36
5) Support/resistance levels: 320.24, 326.52, and 333.34
Note: there is a chance that TSLA has already bottomed. How is that possible with my current labeling? well, the correction from ALH, could have been a flat, and my current wave A of (Y) could also be leg C of the flat, as it has 5 subwaves and my current wave B of (Y) could also be wave 1 of next bullish phase on TSLA, as it has 3 subwaves. But, this is not something to be worried about, because either way, what follows is that TSLA peaks very soon and we will have a major pullback, either making a new low (so the current count would be still valid), or falling short of making a new low (wave 2).
