In this weekly timeframe Elliot wave analysis, we created a channel for the corrective phase of Tesla where price had already began its minor impulsive wave c drop after got rejected at the zoned area of supply.
We then can execute a short when 973.10 will be broken down and target at 639-643, the 0.5 fibonacci retracement of the entire motive phase wave 1.
Our invalidation for this short idea is the origin of wave c at 1152.
#elliotwaveforecast
@marketpainterPH
We then can execute a short when 973.10 will be broken down and target at 639-643, the 0.5 fibonacci retracement of the entire motive phase wave 1.
Our invalidation for this short idea is the origin of wave c at 1152.
#elliotwaveforecast
@marketpainterPH
Trade active:
Our short/sell idea was just realized and Tesla is now down by as much as -10% from our call to sell when wave (i) will be broken with our stop at 1085 shown on the chart.
Our target for this wave C will be the 0.5 fib-0.618 fibonacci retracements at levels 639 and 782 respectively.
We can move our stop at 973 to keep our risk at zero and continue holding the short trade.
#elliotwaveforecast
Our target for this wave C will be the 0.5 fib-0.618 fibonacci retracements at levels 639 and 782 respectively.
We can move our stop at 973 to keep our risk at zero and continue holding the short trade.
#elliotwaveforecast
Trade active:
We can add more sell on levels 923-950 with stop at 973 which is the invalidation level or the wave (i) territory.
Here is the updated chart for your reference.
#elliotwaveforecast
@marketpainterph
Here is the updated chart for your reference.
#elliotwaveforecast
@marketpainterph
Trade active:
Here's the latest update for #TSLA.
This might be the breakpoint and/or decision point where the validation meets the invalidation level.
When this analysis would be validated, price may be on its completion of the minor corrective wave (iv) and will soon abruptly dive down to complete the next set of impulsive wave (v).
When invalidated and price will really make a breakout above wave (i) territory which is at level 973, then short positions need to be closed for this analysis will then be already been violated.
#elliotwaveforecast
@marketpainterPH
This might be the breakpoint and/or decision point where the validation meets the invalidation level.
When this analysis would be validated, price may be on its completion of the minor corrective wave (iv) and will soon abruptly dive down to complete the next set of impulsive wave (v).
When invalidated and price will really make a breakout above wave (i) territory which is at level 973, then short positions need to be closed for this analysis will then be already been violated.
#elliotwaveforecast
@marketpainterPH