Elliott Waves Analysis: TESLA UPDATE

2 Jun 2021

Hello traders and investors!

We want to update Tesla chart, which is moving nicely lower as expected and looks like there's room for more weakness.

Well, on April 15th we have noticed nice and clean bearish setup formation and as you can see, since then it's moving perfectly to the downside towards projected 500-400 support zone.
We are talking about A-B-C corrective movement from the highs and because wave C is a motive wave, it has to be completed by a five-wave cycle. As you can see, wave "v" of C is still missing, so watch out for another, maybe final decline before we will see a bigger recovery on Tesla again.

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2 Jun 2021

Nota

Intraday hourly chart:

25 Jun 2021

Nota

Now that Tesla is recovering without hitting new lows, seems like wave B is going to be longer and more complex. Either we will see a bearish triangle or flat formation within wave B before we will see that sell-off for wave C towards projected 500-400 support zone.