Where is TSLA headed?
Well, if we look at the longterm weekly timeframe, we can nicely see an Eliott-wave like structure, with 5 waves up, and now it's quite likely we get a classic ABC type correction.
A very likely target would be the .618 fibonacci level, which is, as you can see from my previous TSLA analysis, also the point where TSLA likes to find support historically.
Therefore I think this is a multi month correction, and we will see the low sometime in summer this year at around 380 USD.
If it will happen like this, it will be an epic entry point for longterm holding of TSLA stock.
Well, if we look at the longterm weekly timeframe, we can nicely see an Eliott-wave like structure, with 5 waves up, and now it's quite likely we get a classic ABC type correction.
A very likely target would be the .618 fibonacci level, which is, as you can see from my previous TSLA analysis, also the point where TSLA likes to find support historically.
Therefore I think this is a multi month correction, and we will see the low sometime in summer this year at around 380 USD.
If it will happen like this, it will be an epic entry point for longterm holding of TSLA stock.
Comment:
Here comes the bounce to the B target at around 690.
Comment:
It is taking a bit longer than expected, but I think we are still on track for the 400s, possibly even 300s:
Comment:
TSLA is printing a picture perfect descending triangle, which I think will break to the downside:
This means we will see a revisit of the 0.618 fib support level at 364 USD. This might be wave A of a longer correction pattern. Then I think it will bounce up again making people very bullish but imho it will just be a wave B dead cat bounce, and then wave C will break the exponential trendline.
But we will have to wait a bit more and see how the pattern develops to have more data and be able to say how low it might go.
I think TSLA will offer some amazing entry possibilities in the next 6-12 months, before it will continue making new alltime highs.
This means we will see a revisit of the 0.618 fib support level at 364 USD. This might be wave A of a longer correction pattern. Then I think it will bounce up again making people very bullish but imho it will just be a wave B dead cat bounce, and then wave C will break the exponential trendline.
But we will have to wait a bit more and see how the pattern develops to have more data and be able to say how low it might go.
I think TSLA will offer some amazing entry possibilities in the next 6-12 months, before it will continue making new alltime highs.
Comment:
It's time to update this old TSLA idea, which is still valid, although it did take a lot longer to play out than I had thought:
So basically the old target at 364 USD is still in play, which is now aroun 120 USD post-split.
However, this might be a bit excessive, since last time, TSLA dipped a bit below the 0,238 fib level, and so I think that a target of 130s-140s might be more realistic.
It is an excellent time to load up on Tesla, because that company is still constantly being underestimated by many.
So basically the old target at 364 USD is still in play, which is now aroun 120 USD post-split.
However, this might be a bit excessive, since last time, TSLA dipped a bit below the 0,238 fib level, and so I think that a target of 130s-140s might be more realistic.
It is an excellent time to load up on Tesla, because that company is still constantly being underestimated by many.
Comment:
Ah yes, and I forgot to mention that the weekly RSI will soon hit super oversold levels, seen only twice in Teslas entire history, which always marked a major market bottom.
Comment:
Target has been hit. Now is a perfect time to get in (imho), not financial advice of course :)