Tesla: Top Established!

Tesla initially hit a new high before quickly reversing course with a notable move to the downside. As a result, we now view the corrective upward movement of beige wave x as complete and anticipate further sell-offs as part of wave y. The stock is expected to gradually break below the support levels at $297.83 and $215.01, ultimately reaching our blue Target Zone between $157.88 and $46.70, which we have identified for the final corrective low of blue wave (II). However, there remains a 40% chance that TSLA will not reach the blue zone at all but instead will break out directly above resistance at $532.92. In this case, we would consider blue wave alt.(II) already complete and locate the stock in a sustained (magenta) upward impulse. Even in our primary scenario, the new uptrend of the regular wave (III) is ultimately expected to surpass the $532.92 resistance.