TSLA is not out of the woods yet. The weekly chart shows that the RSI of the Jan 2023 low needs to be taken out with one more low to complete the large WXY structure... at least down to the 110 (?) area.
The strong bounce over the past couple of days is a relief bounce to correct the Dec 2023 down cycle. The bounce may reach 0.5 retracement of that cycle, which coincides with the "right shoulder" (?)
Short-term bullish, but medium-term still bearish.
The strong bounce over the past couple of days is a relief bounce to correct the Dec 2023 down cycle. The bounce may reach 0.5 retracement of that cycle, which coincides with the "right shoulder" (?)
Short-term bullish, but medium-term still bearish.
Comment:
Apr 26: If price breaks above the yellow declining line and closes above, I will call that TSLA has indeed bottomed with a truncated wave.
Comment:
Correction of my last comment: I meant above the BLUE declining line in the Daily chart, not yellow.