Overview: do I really need any update to my hourly count of the previous update?
Update of Oct. 7th:
Actual price action:
Update: we are near completion of wave (A) of 5 of c of (III). Let's see if we can come up with potential targets for wave (III) bottom (184-185):
Using fib ratios, from higher to lower degree waves:
1) Wave (III): 185.7
2) Wave c: 184.2
3) Wave 5: 184.87
Note that the 184-185 region is also the area that the correction of 2021 found bottom, so it is reasonable that it provides a short-term support (wave (IV)) this time.
Also note that if we take a look at the weekly chart of TSLA, it has formed and broke down through the neckline of a HUGE h&s, which shows it still has much room to go lower.
Update of Oct. 7th:
Update: we are near completion of wave (A) of 5 of c of (III). Let's see if we can come up with potential targets for wave (III) bottom (184-185):
Using fib ratios, from higher to lower degree waves:
1) Wave (III): 185.7
2) Wave c: 184.2
3) Wave 5: 184.87
Note that the 184-185 region is also the area that the correction of 2021 found bottom, so it is reasonable that it provides a short-term support (wave (IV)) this time.
Also note that if we take a look at the weekly chart of TSLA, it has formed and broke down through the neckline of a HUGE h&s, which shows it still has much room to go lower.
