TSLA appears to be setting up a cup and handle formation on the daily chart.
A measured move for this pattern would take price to new all time highs at 1290.43.
A nice bottoming pattern was put in over the last few months, and a new bullish sequence has been in play.
Short term target of 981.42 based on fib set up.
I believe the bigger ABC correction is finished.
All of the waves are super clean, and all fib levels and extensions are spot on for Elliott Wave measurements.
Doesnt mean it cant go into a more complex correction from here... but as far as the ABC correction... its finished imo.
SP is now starting a bullish wave 1 of a much bigger sequence that will eventually...
Currently watching the 10Y Treasury Yield to hit resistance and pull back.
3% should be a big resistance level for now.
Short term Fibonacci target of ~2.6%.
This will be bullish for equities.
The recent pivot low broke structure to the left, where the low in late April was broken.
This is now a bearish retracement towards the highs, and will be watching for fib...
TSLA - fib set up with a -23.6% target of $797.31...
Looking for possible $800 test and pop through the level.
This particular set up recently triggered near $740, with a stop below the pivot low of $730.92. The R:R on this setup is approximately 5.2:1.
Needs to get through $750 for higher conviction for follow through.
Also, the hourly 200sma should be...
Fibonacci levels and Elliott Wave targets stacking up near the $800 level as a possible destination in the near term.
TSLA appears to be starting its C Wave down of an ABC corrective sequence that started from 11/4/21 all time highs.
C waves require a 5 wave structure. This current move down may be the 3rd wave of the C.
If so, the 1.618 of wave 1 has a target of...
Watching VIX daily for a small pullback and maybe sideways, and then possibly through the descending trendline from the covid highs.
This would coincide with elliott wave analysis for the SPY for another leg down, and also the FOMC meeting coming next week (5/3), which is expected to bring volatility.
Initial fib target $37.13, but the descending trendline break...
If SPY starts to get a bounce on the daily, then it could see resistance near the 428 area at the 38.2% retrace of the last leg down.
Price is getting somewhat extended from the 21ema, and am expecting a correction in time or price in the near term...
I see this current Elliott Wave scenario as possibly being in the C wave down of a correction that started after...
It is looking like BTC may be starting the c wave down to finish this correction.
Retraced approximately 85% of the move from highs in a 3 wave structure.
Hit 4 hour supply zone resistance with reaction.
There are 2 fibonacci measured move long setups below, with demand zones within the fib areas.
Also trendline support and recent all time high support within same...
Fib measured move short setup still intact and waiting to hit its target at 41,657.73.
This will be valid until the 61.8% fib is broken at 53,193.92.
Short setup target also should be support for the retest of the recent all time high at 42,000
BYND watching for a bounce from here.
Perfect touch of the weekly demand zone and hard bounce on 3/5, leaving a hammer candle to close Friday.
Also filled daily gap at same level.
Also Held the important $135 level.
27 days down this reversal would be 'on time'
A Large long fib setup first traded in November 2020 with target at 232.74 and is still...
QQQ 5 waves down - the fib extensions measure out cleanly.
Because it appears there have been 5 waves down this implies it is the A wave of an ABC correction.
Now will watch for the B wave up dead cat bounce, before the c wave finishes it and could bring it lower.
There is another more bearish possible count here but wont post that just yet. If this ABC is the...
TSLA very clear 5 waves down and measurement levels are clean.
5 waves down is corrective and has 2 possible outcomes, this being the less bearish of the 2 and i lean towards this more conservative count for now.
It looks like tsla has put in an A wave of an ABC correction, and its very possible the A wave down is done.
Looking for a B wave bounce to start...
going to be watching what happens at the retest of 3200 area - we could still have a c wave down to complete this 4th wave, before starting the 5th wave.
currently targeting at least the ATH of 3400. higher targets at 3500 and 3675