TSLA Weekly Harmonic Elliott Wave and Hurst's Cyclic Analysis
Review:
Let's review the highlights of the previous update (December 23rd 2023):
Update:
We were expecting a push to 270.61 this week, followed by a minor pullback early next week. Again, the structure was different than what I expected. Because of the structure I am seeing now, I am making a major change to my count:
Analysis of the Structure:
We have not yet completed wave 2 that corrects the bullish move of Jan-July 2023 (wave 1). I think wave 2 is developing as a triangle and right now, we are in wave b of 2. Wave b of 2 is a triple zigzag and today, we completed wave a of (x) of b (a flat correction).
Note that we might go back to the previous count in the future (it is not invalidated yet), but for now, I do not see that happening based on the current structure.
Analysis of the Cycles:
No change to our cyclic analysis is needed. Today, we completed the first 20D cycle of the second 40D cycle of the first 80D cycle of the first 20W cycle of the current 40W cycle.
The next major trough is an 80D cycle trough, expected on January 12th 2024.
Let's not forget the 80D cycle FLD target that we had since December 2nd: 282. This should be met before January 12th, which seems a bit too much of work for the bulls to happen.
Let's review the highlights of the previous update (December 23rd 2023):
- Not the exact structure expected, but no change to overall expectations.
- Wave (C) of 3 of c of (III) of a of 3.
- Target for wave 3 peak is 270.61.
- Completed the first 10D cycle of the current 40D cycle.
- 20W FLD generated a target of 316.
Update:
We were expecting a push to 270.61 this week, followed by a minor pullback early next week. Again, the structure was different than what I expected. Because of the structure I am seeing now, I am making a major change to my count:
Analysis of the Structure:
We have not yet completed wave 2 that corrects the bullish move of Jan-July 2023 (wave 1). I think wave 2 is developing as a triangle and right now, we are in wave b of 2. Wave b of 2 is a triple zigzag and today, we completed wave a of (x) of b (a flat correction).
Note that we might go back to the previous count in the future (it is not invalidated yet), but for now, I do not see that happening based on the current structure.
Analysis of the Cycles:
No change to our cyclic analysis is needed. Today, we completed the first 20D cycle of the second 40D cycle of the first 80D cycle of the first 20W cycle of the current 40W cycle.
The next major trough is an 80D cycle trough, expected on January 12th 2024.
Let's not forget the 80D cycle FLD target that we had since December 2nd: 282. This should be met before January 12th, which seems a bit too much of work for the bulls to happen.
