🔍 Analysis Overview This chart showcases a potential Elliott Wave structure on Tesla's daily timeframe. Here's the detailed breakdown:
Wave Progression:
Wave (1), (2), and (3) completed, with wave (4) anticipated to retrace.
Wave (4) Retracement Zone: - Targeting the Fibonacci retracement zone between 0.382 (340.99) and 0.618 (280.16). - This zone aligns with a confluence of the trendline and previous support levels.
Bullish Targets:
- First target at 440.13. - Secondary targets at 470.80 (1.236) and 489.88 (1.382 extension).
Risk Management: - Stop-loss positioned at 275.00 to manage downside risk.
📊 Indicators: - RSI and MFI reflect potential overbought conditions in the current wave (3), supporting the likelihood of a corrective wave (4).
🚨 Important Notes: This is a speculative wave count and assumes the continuation of the broader uptrend. Breaks below the stop-loss zone could invalidate the setup.