Tesla update

Tesla has been in a range for almost a week now. That leaves the possibility open that this is a wave 4 of some degree. Accordinng to my count, this is either wave iv or wave 2. The move down from the high of $198.87 on 29 April looks as if it is wave a of some degree. Without more data it is hard to determine which count is the correct one. Don't forget too that if we have indeed bottomed, we are starting wave ((3)) of V. That means this bullish structure should be very strong and have smaller pull backs than normal. As I have said prior too, our next target for wave (1) should be the $325 area at the 0.786 if price extends. Should it not extend, then $210.10 would be our ideal target at the 0.382.

If this latest retrace is a wave iv of some degree, then the 0.382 would make sense. However, if we're in a wave 2 retrace, then the 0.786 makes the most sense. Needless to say, Tesla has a decision to make and soon. Once it does make that choice, we will be prepared as to where price will go next.