Wave of the day.TSLA
1. Elliott Wave Perspective.
We are for now in a correction as you can see from the graph above.
I have utilized the Kennedy Channeling Technique. As long as the price stays within the parallel lines, we are experiencing a correction.
After a correction is done a motive wave always takes place. From a strict count, we could have a 1-2 1-2 to the upside or even a diagonal. Why, because wave 4 enters the price territory of wave 1 so a complete impulse wave is not permitted.
Scenario nr 1.
If the price bounces from the upper parallel line, the correction is not yet done, a minor wave down is possible.
Scenario nr2
If the price breaks decisively the parallel lines, the correction is done and we may have an impulse wave up.The key word here is "decisively".
2. MACD
The MACD Histogram on the weekly chart is rising, even though it is below the zero line. A break above zero will take us to the "summer".
Also, the MACD lines will cross. bullish signal.
3 RSI
Even though RSI on the weekly chart is rising, I want to see it breaking the 60-level to be sure that the correction is over.
For disclosure, I am in this stock from yesterday.
What do you think? Please comment below.
Legal Disclaimer: The information presented in this analysis is solely for informational and educational purposes and does not serve as financial advice.
1. Elliott Wave Perspective.
We are for now in a correction as you can see from the graph above.
I have utilized the Kennedy Channeling Technique. As long as the price stays within the parallel lines, we are experiencing a correction.
After a correction is done a motive wave always takes place. From a strict count, we could have a 1-2 1-2 to the upside or even a diagonal. Why, because wave 4 enters the price territory of wave 1 so a complete impulse wave is not permitted.
Scenario nr 1.
If the price bounces from the upper parallel line, the correction is not yet done, a minor wave down is possible.
Scenario nr2
If the price breaks decisively the parallel lines, the correction is done and we may have an impulse wave up.The key word here is "decisively".
2. MACD
The MACD Histogram on the weekly chart is rising, even though it is below the zero line. A break above zero will take us to the "summer".
Also, the MACD lines will cross. bullish signal.
3 RSI
Even though RSI on the weekly chart is rising, I want to see it breaking the 60-level to be sure that the correction is over.
For disclosure, I am in this stock from yesterday.
What do you think? Please comment below.
Legal Disclaimer: The information presented in this analysis is solely for informational and educational purposes and does not serve as financial advice.