Tesla - Last leg of correction
Elliott Wave Analysis | Tesla CMP: 219.6 | Dt - 14th Oct'24
Tl;dr - Tesla, which has been in a multi-year corrective wave pattern is now nearing its last leg. Once the ongoing retracement ends, it should start its last Wave 5 advance to new highs.
Key Highlights - EW Analysis by AlgoChirp
Corrective Wave 4, following a Symmetrical Triangle pattern, that started in Nov’21 appears to be in its last leg, with one more leg down to go. In this last leg, the price may reach R-Target 1 marked in the Charts below.
When RSI or Price or both break above the sloping trend line then it would be a good indication that Wave 5 has started.
Alternate count - However, if the overall market is weak then it may reach R-Target 2 as well. Which would still keep the current count relevant.
Chart #1 - Weekly
Chart #2 - Daily
Analyst Rating vs EW count
Analyst rating suggests neutral to bearish outlook for Tesla. Per EW, once the current Wave 4 ends, Tesla should hit significantly higher levels in Wave 5.
Long Term - Not in sync with EW count
Short Term - In sync with EW count
