WXY structure with a double top

Jul 26

Tesla has been in a uptrend with a corrective structure WXY. I am not sure if the WXY is a part of wave 5 terminal structure or a B wave. However expecting a double top or 78.6 retrace to 425-430 range as a minimum. For this scenario, an impulsive upside move is expected within the next few weeks. However the price needs to move back into the channel next week as a first step.

Jul 26

Note

Note
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Aug 1

Trade active

Updated wave structure: Assuming ABC structure instead of WXY with Wave B as a triangle.


Price has to move back into the channel for confirmation.

7 hours ago

Trade closed manually

Price never made it back to channel and trying to breakthrough into the channel now. Most probably the price is expected to get rejected for initiating a downside C wave. The triangle mentioned in the previous chart seem to be a WXY structure. I am expecting the price to move downwards to the red box which should be followed by a powerful upside move.