Tesla (TSLA) has been trading within a Rising Wedge pattern since the November 01 2021 High. The current weekly (1W) candle almost hit this pattern's top (Higher Highs trend-line) yesterday and today got rejected.
That is the 4-year Higher Highs Resistance that initiated Tesla's last major correction of -56% during December 16 2024 - April 07 2025. Technically this pattern has provided another 3 such major correction events, with all declining by at least -50.10%.
With the 1W RSI also trading within its own Wedge, displaying a similar peak pattern, we expect the price to start a strong decline of at least 6 months. The minimum -50.10% decline projection from the Higher Highs trend-line, gives a $260.00 Target estimate. If the 1W RSI hits its Higher Lows (bottom) trend-line first, we can consider taking the profit on this one earlier.
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That is the 4-year Higher Highs Resistance that initiated Tesla's last major correction of -56% during December 16 2024 - April 07 2025. Technically this pattern has provided another 3 such major correction events, with all declining by at least -50.10%.
With the 1W RSI also trading within its own Wedge, displaying a similar peak pattern, we expect the price to start a strong decline of at least 6 months. The minimum -50.10% decline projection from the Higher Highs trend-line, gives a $260.00 Target estimate. If the 1W RSI hits its Higher Lows (bottom) trend-line first, we can consider taking the profit on this one earlier.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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