Tesla Update: 1/28/2024

There isn't much to add to my last Tesla post either. We have been in what appears to be a corrective move as predicted in my last post. I still feel we have a couple 4-5's left to carve out before we bottom and start to head up again. As you can see by my box, we could easily drop to the 1.236 @ $154.94, and it be considered a "standard" end point for this retrace.

This wave (2) is the perfect example of how long corrective moves can last compared to their impulsive counter parts. It has lasted almost 3x as long as the wave (1) did. I feel we are in the last machinations of it though. As said before, I expect us to at least hit the 1.0 @ $171.67. We have technically already hit inside the target box price zone, but just barely and I fully expect us to fall further into it before its done. Let us see what tomorrow brings us. Once we start to get close to the 1.0 fib I will most likely either buy a couple calls and/or some shares.

Comment:

Nothing much to add. If this is a wave 4 of this C wave down, then we shouldn't breach the 0.5 retracement @ $195.74. We did bounce off the 0.236 fib extension though, so it is possible this move down is done. NOT my primary thesis but is possible. I believe we should head back down in the next day or two to make another low. I will be busy tomorrow and won't be able to update throughout the day most likely. I will make a new post tomorrow night around 10pm CST.