Overview: let's review the expectations of the previous update:
Update: we were definitely close to the completion of the first leg out of the lows (wave A) and this week we completed wave B. What I see as the most probable scenario is that TSLA is developing a flat and if that is the case, the bottom is NOT in on this name as were suspicious. To wrap up, I believe we are in wave C of (X) that should complete by end of this year and continuing the downtrend going into the next year, wave (Z).
Points of interest for wave (X) peak? (~217)
1) Based on the pullback of wave (Y): 217.04, 238.28.
2) Based on the volume profile of wave (Y): there are high volume nodes around both of the prices mentioned above. The VPOC is at 245, but I believe it is not possible for TSLA to go that high.
- Bottomed for wave (Y), which can be the completion of the major correction wave B, or another wave (X) and wave (Z) in the next year.
- Right now, near the completion of the first impulse off the low, wave (a)."
Update: we were definitely close to the completion of the first leg out of the lows (wave A) and this week we completed wave B. What I see as the most probable scenario is that TSLA is developing a flat and if that is the case, the bottom is NOT in on this name as were suspicious. To wrap up, I believe we are in wave C of (X) that should complete by end of this year and continuing the downtrend going into the next year, wave (Z).
Points of interest for wave (X) peak? (~217)
1) Based on the pullback of wave (Y): 217.04, 238.28.
2) Based on the volume profile of wave (Y): there are high volume nodes around both of the prices mentioned above. The VPOC is at 245, but I believe it is not possible for TSLA to go that high.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.