jdemunter

Tesla : Spike and reverse

Short
NASDAQ:TSLA   Tesla, Inc
Tesla looks like it's about to complete a double three corrective wave from the 540 low. It is important that the 780 high breaks to complete the wave. When this happens it will be the end of wave B. This will be an important top which will lead to Tesla going lower and eventually break the 540 low with possible much lower prices. Short term the chart shows a rising wedge from the wave x of (y) low at 627 but this is not a valid EW diagonal, the correct wave count will show a triple three corrective wave to finish wave x of (y). The timing of this top comes very close to the next fed meeting, possibly some negative news from there most likely tapering or interest rates related.

Alternative count has price not breaking 780, which would mean price is in a bearish wave b triangle. The result will be the same with lower prices.

Good luck.