Tesla has once again faced upward pressure, which pushed the stock toward resistance at $373.04. However, our primary expectation is that the bears will soon regain control, setting off further sell-offs within the ongoing downward impulse. Step by step, this magenta five-wave move is expected to break below support at $215.01. If price moves above the $373.04 level, our alternative scenario will become significantly more relevant. If the stock even surpasses the higher threshold at $405.54, we will ultimately shift to this alternative view and classify Tesla as being in a sustained uptrend of blue wave alt.(III), which would extend beyond $488.50. In this 39% likely scenario, wave alt.(II) would already be complete.
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📊 Free daily market insights combining macro + Elliott Wave analysis
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter - full free analyses at dailymarketupdate.com
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter - full free analyses at dailymarketupdate.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.