This chart presents Tesla (TSLA) on the weekly timeframe, plotted in logarithmic scale using a custom trend channel (not a pitchfork). The analysis combines price structure with key Fibonacci retracement and extension levels to highlight major inflection points in Tesla’s long-term trend.
Channel Structure: The log channel has consistently guided price swings, showing respect for both upper and lower boundaries across multiple cycles. This provides a framework for projecting potential tops and bottoms.
Fibonacci Confluence:
• Price is currently reacting around the 0.618 retracement ($430) from the previous major swing, a historically significant level for Tesla.
• Upside targets align with the 1.618 extensions ($753–$780), creating a strong confluence zone for a potential long-term resistance.
• Key downside supports sit at $367, $272, and $218, each coinciding with fib retracements and historical pivot zones.
Market Structure: The chart highlights repeating rounded top and bottom formations, suggesting cyclical behavior in Tesla’s price action. Rounded bottoms have historically marked accumulation zones, while rounded tops have aligned with distribution phases.
Current Outlook: After reclaiming the mid-channel region and pushing through significant resistance, Tesla is now at a pivotal stage. A confirmed breakout above $488 could open the path toward the higher channel range and eventual fib targets. Failure to hold $430, however, risks a retrace back to $367 or lower channel support.
Channel Structure: The log channel has consistently guided price swings, showing respect for both upper and lower boundaries across multiple cycles. This provides a framework for projecting potential tops and bottoms.
Fibonacci Confluence:
• Price is currently reacting around the 0.618 retracement ($430) from the previous major swing, a historically significant level for Tesla.
• Upside targets align with the 1.618 extensions ($753–$780), creating a strong confluence zone for a potential long-term resistance.
• Key downside supports sit at $367, $272, and $218, each coinciding with fib retracements and historical pivot zones.
Market Structure: The chart highlights repeating rounded top and bottom formations, suggesting cyclical behavior in Tesla’s price action. Rounded bottoms have historically marked accumulation zones, while rounded tops have aligned with distribution phases.
Current Outlook: After reclaiming the mid-channel region and pushing through significant resistance, Tesla is now at a pivotal stage. A confirmed breakout above $488 could open the path toward the higher channel range and eventual fib targets. Failure to hold $430, however, risks a retrace back to $367 or lower channel support.
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