Fibonacci levels and Elliott Wave targets stacking up near the $800 level as a possible destination in the near term.
TSLA appears to be starting its C Wave down of an ABC corrective sequence that started from 11/4/21 all time highs.
C waves require a 5 wave structure. This current move down may be the 3rd wave of the C.
If so, the 1.618 of wave 1 has a target of 813.
Multiple fibonnaci levels and a Demand zone block are converging in the same area $800-815, and could provide support for a bounce once the target is hit.
TSLA appears to be starting its C Wave down of an ABC corrective sequence that started from 11/4/21 all time highs.
C waves require a 5 wave structure. This current move down may be the 3rd wave of the C.
If so, the 1.618 of wave 1 has a target of 813.
Multiple fibonnaci levels and a Demand zone block are converging in the same area $800-815, and could provide support for a bounce once the target is hit.
Comment:
Correction: the 1.618 3rd wave target is $801, not $813
Comment:
Looking good so far. inside bar breakdown today below 875. getting a little pause at the descending trendline support around 830.
Comment:
Looks like the low may be in... Low of 821.70 - close enough to the first $815 area target... Now watching to see what the bounce does.
Very nice move from lows today
Very nice move from lows today
Comment:
Now this bounce could be the 4th wave of the C wave down...
Watching the 925-950 area for possible resistance/pivot for the next 5th wave move down.
May see some consolidation first...
Watching the 925-950 area for possible resistance/pivot for the next 5th wave move down.
May see some consolidation first...
Comment:
Looking good so far. The bounce took price to the 925 area and pulled back. Took a nice short opportunity from that level on friday.
Still watching for more consolidation within this range, with a possibility for a retest to the 925 area or possible higher push to the 950-970 area BEFORE the next leg down.
Currently in possible shorter term long fibs which could bring it to that 950-970 level.
FOMC day on wednesday should be pivotal for either direction, and am anticipating somewhat range bound price action until then.
Still watching for more consolidation within this range, with a possibility for a retest to the 925 area or possible higher push to the 950-970 area BEFORE the next leg down.
Currently in possible shorter term long fibs which could bring it to that 950-970 level.
FOMC day on wednesday should be pivotal for either direction, and am anticipating somewhat range bound price action until then.
Trade closed: target reached:
TSLA 5 waves down for the C wave could be complete... looks like the original 4/27 projected level for the lows near $620 hit within a few dollars... can always go lower but looking for that to be the bottom of this bigger correction we have had. Elliott Wave and Fibs for the win.
Played puts at certain points on the way down, and recently started buying Sept expiration calls in anticipation of a decent bounce.
Likely no more updates for this move unless it continues down... and will be looking for bullish structures to start forming and will post in a new thread.
Thanks for looking.
Played puts at certain points on the way down, and recently started buying Sept expiration calls in anticipation of a decent bounce.
Likely no more updates for this move unless it continues down... and will be looking for bullish structures to start forming and will post in a new thread.
Thanks for looking.