TSLA Weekly Harmonic Elliott Wave and Hurst's Cyclic Analysis
Review:
Let's review the highlights of the previous update (December 29th 2023):
Update:
Analysis of the Structure:
We were wrong on the identification of the correct structure of wave b of 2. It is developing as a double zigzag and wave (x) of 2 was actually the flat. It is now complete and we should start wave (y) of 2. 300 has been proved to a be strong resistance on TSLA before, which is the resistance area for the ascending triangle (wave 2).
Analysis of the Cycles:
TSLA formed the 80D cycle trough on Friday, January 5th 2024. It was a bit earlier than we recently expected, but perfectly on track for a nominal 80D cycle (go back to my update of November 21st: "80D trough on January 6th 2024.")!
Now, we should start the second 80D cycle of the current 20W cycle. The 20W FLD had generated upside targets of 297.46, 313.18, and 310.06. So, we expect a move to at least 297.46 in the coming weeks.
The 20W trough is expected on March 8th-15th.
The next 20D trough: 22nd-24th January.
The next 40D trough: 8th-12th February.
Let's review the highlights of the previous update (December 29th 2023):
- Major change to my count.
- Not yet completed wave 2 that corrects the bullish move of Jan-July 2023 (wave 1).
- Wave 2 is a triangle
- In wave b of 2.
- Wave b of 2 is a triple zigzag.
- No change to cyclic analysis.
- Next major trough is an 80D cycle trough, expected on January 12th 2024.
- 80D FLD target is 282, should be met before January 12th, which seems a bit too much of work for the bulls to happen.
Update:
Analysis of the Structure:
We were wrong on the identification of the correct structure of wave b of 2. It is developing as a double zigzag and wave (x) of 2 was actually the flat. It is now complete and we should start wave (y) of 2. 300 has been proved to a be strong resistance on TSLA before, which is the resistance area for the ascending triangle (wave 2).
Analysis of the Cycles:
TSLA formed the 80D cycle trough on Friday, January 5th 2024. It was a bit earlier than we recently expected, but perfectly on track for a nominal 80D cycle (go back to my update of November 21st: "80D trough on January 6th 2024.")!
Now, we should start the second 80D cycle of the current 20W cycle. The 20W FLD had generated upside targets of 297.46, 313.18, and 310.06. So, we expect a move to at least 297.46 in the coming weeks.
The 20W trough is expected on March 8th-15th.
The next 20D trough: 22nd-24th January.
The next 40D trough: 8th-12th February.
