According to the Elliott Wave theory, NASDAQ:TSLA has been following a corrective wave pattern (ABC) since its inception, reaching its peak during the 2021 bull run. Currently, NASDAQ:TSLA has completed both wave 1 and wave 2, entering the critical and highly impulsive wave 3 towards the downside of the Elliott Wave sequence. The fundamental outlook for NASDAQ:TSLA appears weakened due to intense competition in the market. In the long term, NASDAQ:TSLA is displaying a heavy bearish trend.
While specific targets for the remaining waves are uncertain at this time, one thing is clear – NASDAQ:TSLA is not expected to surpass wave 2, which is positioned at $299.