Elliott Wave Analysis on Tesla (TSLA) Suggests A Double Correcti
Short Term Elliott Wave in Tesla (TSLA) suggests the rally from 4.22.2024 low is in progress as an impulse. Up from 4.22.2024 low, wave (1) ended at 198.90 as the 45 minutes chart below shows. Wave (2) pullback is currently in progress. The internal subdivision of wave (2) takes the form of a double three Elliott Wave structure. Down from wave (2), wave (i) ended at 188.35 and wave (ii) ended at 194.54. The stock extended lower in wave (iii) towards 178.03 and wave (iv) ended at 185.26. Final leg wave (v) ended at 176.02 which completed wave ((a)). Rally in wave ((b)) ended at 187.56 as a double three.
Wave ((c)) lower is in progress as 5 waves and ended at 167.50. This completed wave W in higher degree. Wave X rally takes the form of a double three Elliott Wave structure. Up from wave W, wave ((w)) ended at 181.8 and pullback in wave ((x)) ended at 171.43. Wave ((y)) higher ended at 187.42 which completed wave X. The stock has turned lower in wave Y. Down from wave X, wave (i) ended at 178.1 and wave (ii) ended at 182.8. Near term, as far as pivot at 198.9 high stays intact, expect the stock to extend lower.
Wave ((c)) lower is in progress as 5 waves and ended at 167.50. This completed wave W in higher degree. Wave X rally takes the form of a double three Elliott Wave structure. Up from wave W, wave ((w)) ended at 181.8 and pullback in wave ((x)) ended at 171.43. Wave ((y)) higher ended at 187.42 which completed wave X. The stock has turned lower in wave Y. Down from wave X, wave (i) ended at 178.1 and wave (ii) ended at 182.8. Near term, as far as pivot at 198.9 high stays intact, expect the stock to extend lower.
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