We are sitting right at the top of a descending channel that has been in play for months. If we decisively break above the channel (About 8500+) then this chart is in play.
Wave 3 target $23000, wave 5 target $30000.
This is it bulls. Don't get scared now.
Revision of my previous TSLA chart using elliot wave principles to tighten up the levels. As a TSLA bull it pains me to post this, but a perfect 5 wave impulse has played out.
See numbered black annotations in the chart
1. Wave 1
The height range of the first wave is $88. Wave 1 Fib Levels are overlayed for the next point.
2. The main impulse wave 3
Be careful buying here. Wave 5 may have completed, watch for signs of ABC reversal to the 61.8% fib at $336.
Revised my previous chart and target of $460 down to $413 as we moved too fast without any consolidation moving into wave 5.
This is based purely on technical analysis - despite TSLA's good fundamentals, nothing goes up in perpetuity. A reversal will...
Short term price target $460.
Elliot Impulse Wave - We have just completed wave 3, consolidating in a horizontal wave 4 and painting a bull flag taking us into wave 5. Wave 5 catalyst will be 2019 Q4 earnings in Feb 2020.
Fibonacci - Drawn from the $176 bottom in June 2019 to a 61.8% level at $350, gives us price target of $460 in Feb 2020.
The red trendline is a key level, if we drop below 11k, most likely will see lower lows for the next few weeks.
Most recent doji showing indecision, could lead into a reversal or more down trend. Watch the 1,2,3,4 hr charts for hints for the next daily.
If the next daily candle printed is green, put on your moonboots - 13k and beyond.
This is not investment...
This is a V2 update to my previous chart.
1. Wave 2 bottom
Moved the bottom of wave 2 to 10500TUSD, as this is the 61.8% fib retracement of wave 1.
2. Wave 2 length
In an EW Impulse wave, of wave 2 and 4 pullbacks one is a horizontal while the other is more vertical. Right now looks like we are in a horizontal as the market catches it's breath.
I'm seeing a cup and handle formation, the end of the cup around 8100-8200 area, retrace to 8000 to form the handle, then breakout towards 9k. Anyone else see this or have reason to invalidate it? Feedback appreciated.