TeslaLong
TSLA Analysis pt.2
Updated
Elliot Wave analysis of TSLA stock pt.2, this chart is based solely on technicals and not fundamentals.
This is pt.2 of my Elliot Wave analysis, if you haven't seen pt.1 I would implore you to check it out below. Let's get started. There are 2 major scenarios at play, since both scenarios have similiar substructures, there have been 2 analysis' made; one bearish and one bullish . We will know soon since we are at a decision point. In this scenario we have already finished our wave 2 correction to 0.50% and are now on wave (4) of our wave 3. There is much confluence at 2.618x, the path drawn will hold valid if we continue our ascent upwards. It is a safer bet to enter on the the breakout since we are very close to it there is no point in risking entering below the resistance, this will save you sitting in a position waiting for it to move.
STOP/BUY: $405
S/L after STOP/BUY triggered: $270
T/P: $870
One of these counts will be invalidated in the coming weeks so I will update both with which direction we are most likely to continue.
This is pt.2 of my Elliot Wave analysis, if you haven't seen pt.1 I would implore you to check it out below. Let's get started. There are 2 major scenarios at play, since both scenarios have similiar substructures, there have been 2 analysis' made; one bearish and one bullish . We will know soon since we are at a decision point. In this scenario we have already finished our wave 2 correction to 0.50% and are now on wave (4) of our wave 3. There is much confluence at 2.618x, the path drawn will hold valid if we continue our ascent upwards. It is a safer bet to enter on the the breakout since we are very close to it there is no point in risking entering below the resistance, this will save you sitting in a position waiting for it to move.
STOP/BUY: $405
S/L after STOP/BUY triggered: $270
T/P: $870
One of these counts will be invalidated in the coming weeks so I will update both with which direction we are most likely to continue.
Note
pt.1: 
Note
Someone has brought to my attention wave 4 overlapping into wave 1. "The most common motive wave is an impulse. In an impulse, wave 4 does not enter the territory of (i.e., “overlap”) wave 1. This rule holds for all non-leveraged cash basis markets."
TSLA is very leveraged; simple.
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