TSLA (TESLA) Favors Further Downside

١٢ أبريل ٢٠٢٣

TSLA Showing impulse Elliott Wave sequence as ((1)) higher started from 1/06/2023 low, which ended at $217.82 high on 2/16/2023. Below $217.82 high, it favors pullback in 7 or 11 swings correction in ((2)) against January low before upside resumes. It placed (W) of ((2)) at $163.91 low & (X) connector at $208 high on 3/31/2023. Below (X) high, it ended A of (Y) at $176.11 low & proposed ended B at $189.19 high.

Below (X) high, it placed ((i)) at $192.20 low & ((ii)) at $198.74 high. ((ii)) was 0.382 Fibonacci retracement of first leg. It placed ((iii)) at $179.74 low & ((iv)) at $186.39 high. Finally, it ended ((v)) as A wave at $176.11 low in (Y). It proposed ended B wave $189.19 high in 3 swings bounce as 0.382 Fibonacci retracement as aggressive view. Alternatively, the bounce can be ((a)) ended at $189.19 low & favors corrective pullback in ((b)) leg followed by upside in ((c)) to finish B connector against (X) high as less aggressive view. In either the case, it favors weakness to continue in C of (Y) leg towards $154.03 – $120.61 area to finish ((2)). Below B high, it favors lower in (i) of ((i)) of C leg. It needs to breaks below A low to confirm the downside in C of (Y).