TSLA could possibly be going through a correction phase of an Elliott Cycle.
After completing impulse wave 5 with candles overextending above the ascending parallel channel, TSLA price retraced 38.2% to complete correction wave A at Fibonacci level of 0.382 ($557.48). Correction wave B may be completed by retracing 61.8% back up from wave A and finally falling to around a healthy 61.8% correction from the all-time high to a Fibonnaci level of 0.618 ($345.74) for buyers to re-accumulate.
This technical analysis is for educational purposes only.
After completing impulse wave 5 with candles overextending above the ascending parallel channel, TSLA price retraced 38.2% to complete correction wave A at Fibonacci level of 0.382 ($557.48). Correction wave B may be completed by retracing 61.8% back up from wave A and finally falling to around a healthy 61.8% correction from the all-time high to a Fibonnaci level of 0.618 ($345.74) for buyers to re-accumulate.
This technical analysis is for educational purposes only.