TSLA to pull back soon, but is driving to $ 500 ? EW says Yes!

I don't have to say anything about Tesla the company or fundamentals.
This plot is based purely on Fib measurements and Elliot Wave Theory.
Recent moves display high velocity and strong momentum to continue.

Of course, Elon could send an errant tweet and reset the chart instantly. (kinda like Trump)
Or, maybe he delivers the promised models even sooner than scheduled. (yeah right, sure)
But likely the speculation will continue, products will arrive when they arrive. (best case)

We all know that the stock price is probing the All Time Highs.
I am expecting a rejection right here, or a bull trap then drop.
Bulls should want a pullback soon to build a strong foundation.

Plotted are 3 possible pathways and many "Zones of Interest".
The EW paths are purely a "guess" but the zones are SOLID.
Each zone will cause a reaction which will offer more clues.

I will post updates or a new Idea when new data appears.
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Comment:

Target #2 Acquired

Bulls blasted through the first possible resistance zone, straight into the second one at $401-405

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Zoom IN (1min) to look closely at that resistance zone in red

Perfect "Pings" on the boundaries.
The lower bound is more precisely active and possible flipped from resistance to support.
The upper bound has been corroded, and should be easy to push through.

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Bullish BUT, for the proposed wave 3, which should have 5 sub waves, could easily be done now

That dark blue 4.618 extension might mark the end of wave 3.
But it could easily go to the next fib, 5.236 , and thus my next zone at 426.86-432.33

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In Summary:
- Acting very powerful, it may well get to next zone before pullback.
- All fib zones still look valid and respectable, but will fine tune some of them based on new fib.
- $500 target looking closer and closer. If we go straight there for wave 3 before pullback, WOW, that would be EPIC.

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Comment:

Blow off TOP ?

That might have been our top for now

perfect "Blow off top" or "upthrust" or "stop hunt" , etc.

Spiked through the top bounce into a higher tf fib (in orange) and then failed retest of resistance zone.

Holders should be very cautious here....

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Comment:

Ping that marked Tesla's Top?

or just profit taking?
Not all Pings cause a reversal, but most reversal start with a Ping.

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Comment:

For anybody looking to short, the Idea set up would be a clean rejection from the fib at $405.50

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Comment:

What Rocket Ride this had been.

Needless to say it LAUGHED at my Elliott Waves while blasting out of the atmosphere.

BUT even when the guessed upon "pathways" are way off, the fib zones provide entries.

Here are the two Pings that offered clean, low risk entries for Late Longs:

But I think we are probably at a top now.
So I published a New Idea which shows the Ping that may "Ring in the Top" :

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