Testing and tracking elliot waves. Chart timeframe is on the weekly.
From the looks of it, the bottom for tesla is really close. We have two support lines it still hasn't touched.
Tesla should make a recovery after bouncing from either one of the two. The bottom would be either around the 60 range or 90.
90 seems more likely than 60 imo. Since we've already gotten a 75% drop from the top.
The RSI hasn't hit oversold territory yet so its highly possible we can still go down.
Tesla's next top is around 850 to 1070. If you were to buy around next support around 90ish, your R/R ratio is about 20. Stop loss to be under 60.
Personally, I wouldn't use any stop loss at these levels and if it reaches 60, double down. From there your new R/R is 25. Not financial advice.
If tesla topped at 1200ish before the split, then tesla reaching 850-1070 is easily possible in the future, considering inflation.
This stock is not going to 0 so all you'll need is patience. I don't know how fast stocks move so this can take up to the year 2035.
I am choosing this year because of the EV law mandates califorinia to ban the sales of combustion engine vehicles. This will force people in Cali to buy EV's only moving forward.
People already know these dates so people will gradually be buying tesla stocks until it happens.
From the looks of it, the bottom for tesla is really close. We have two support lines it still hasn't touched.
Tesla should make a recovery after bouncing from either one of the two. The bottom would be either around the 60 range or 90.
90 seems more likely than 60 imo. Since we've already gotten a 75% drop from the top.
The RSI hasn't hit oversold territory yet so its highly possible we can still go down.
Tesla's next top is around 850 to 1070. If you were to buy around next support around 90ish, your R/R ratio is about 20. Stop loss to be under 60.
Personally, I wouldn't use any stop loss at these levels and if it reaches 60, double down. From there your new R/R is 25. Not financial advice.
If tesla topped at 1200ish before the split, then tesla reaching 850-1070 is easily possible in the future, considering inflation.
This stock is not going to 0 so all you'll need is patience. I don't know how fast stocks move so this can take up to the year 2035.
I am choosing this year because of the EV law mandates califorinia to ban the sales of combustion engine vehicles. This will force people in Cali to buy EV's only moving forward.
People already know these dates so people will gradually be buying tesla stocks until it happens.
On the daily the RSI is within the oversold territory. This doesn't indicate that the bottom is in, however, it usual does mean a reversal is coming. On the weekly we still have some more room to go down on the RSI.