TSLA Weekly Harmonic Elliott Wave and Hurst's Cyclic Analysis
Overview: let's review the key points of the previous update (September 23rd):
Update:
Analysis of the Structure:
We made a lower low this week and completed wave I of (a) of y of 2 and started wave II. Wave II is developing as a double zigzag and currently we are in wave (B) of Y of II. Based on the retracement of wave I, I can consider 264.19 as a potential target for the peak. This would be an opportunity to participate in a steep move to the downside.
Analysis of the Cycles:
On Wednesday, we completed the first 40D cycle in this current 40W cycle. Right now, we are inside the second 40D cycle of the first 80D cycle of the 40W cycle. Due to the overall bearishness that I expect, I think this 40D cycle will peak in the next 7-10 days.
Looking into FLDs, we will have a cross of the 20D cycle FLD to the upside on Monday and this can generate a target of 266.6 (why using the word 'can'? because we have not yet seen the price action of Monday and we don't know where would be the mid price of that day. I am assuming the same average price as Friday).
If we assume the 40D FLD is gonna be tested and act as a resistance, then we have the price of 266.6 happening on 6th or 9th of October as the peak of this 40D cycle.
- Major relabeling to the daily chart: January to July 2023 as a wave 1 and the current move is a wave 2.
- Wave 2 to end in the range of 152.37 to 217.65.
- Wave I of (a) of y of 2 is complete.
- Wave II to the 260-270 zone in the coming week.
- First 40D cycle of the current 40W cycle complete.
- Next major trough is the 80D cycle trough expected on 14th to 24th of October.
Update:
Analysis of the Structure:
We made a lower low this week and completed wave I of (a) of y of 2 and started wave II. Wave II is developing as a double zigzag and currently we are in wave (B) of Y of II. Based on the retracement of wave I, I can consider 264.19 as a potential target for the peak. This would be an opportunity to participate in a steep move to the downside.
Analysis of the Cycles:
On Wednesday, we completed the first 40D cycle in this current 40W cycle. Right now, we are inside the second 40D cycle of the first 80D cycle of the 40W cycle. Due to the overall bearishness that I expect, I think this 40D cycle will peak in the next 7-10 days.
Looking into FLDs, we will have a cross of the 20D cycle FLD to the upside on Monday and this can generate a target of 266.6 (why using the word 'can'? because we have not yet seen the price action of Monday and we don't know where would be the mid price of that day. I am assuming the same average price as Friday).
If we assume the 40D FLD is gonna be tested and act as a resistance, then we have the price of 266.6 happening on 6th or 9th of October as the peak of this 40D cycle.
