Overview: since July 31st, we were expecting TSLA to be near the top. Let's review a note on July 31st update: "Right now, we are in the second zigzag, wave (Y) and I think its wave B will be completed very soon, most probably on Monday, Aug 1st." and "Potential targets for wave B top (931-950)."
Last weekend, we were tricked by the price action of wave (V) of c of B and identified the top a bit early, although the actual top happened on August 16th was still in the range of 931-950 that I had (944).
Update: I see wave B of (Y) completed on TSLA and now we should start moving for leg C of (Y) of B, as shown on the chart. The daily chart also shows a double top forming, where a decisive daily close below the support area around 856 confirms this scenario. Let's take a look at the hourly chart: I believe that we are in wave III of (a) of I of C of (Y) of B.
Caution: I considered the wave structure of leg B from several different angles. Although I could not find a reasonable count that shows TSLA has not yet peaked, there is a chance that we are actually in a bullish flag as shown below: if we breakout above this flag before going into the 855 range, I consider the count as invalidated. In that case (please note that I consider less than %5 chance for this playing out), TSLA will make a higher high and will probably peak around 1000, where we also have the daily downward channel.
Last weekend, we were tricked by the price action of wave (V) of c of B and identified the top a bit early, although the actual top happened on August 16th was still in the range of 931-950 that I had (944).
Update: I see wave B of (Y) completed on TSLA and now we should start moving for leg C of (Y) of B, as shown on the chart. The daily chart also shows a double top forming, where a decisive daily close below the support area around 856 confirms this scenario. Let's take a look at the hourly chart: I believe that we are in wave III of (a) of I of C of (Y) of B.
Caution: I considered the wave structure of leg B from several different angles. Although I could not find a reasonable count that shows TSLA has not yet peaked, there is a chance that we are actually in a bullish flag as shown below: if we breakout above this flag before going into the 855 range, I consider the count as invalidated. In that case (please note that I consider less than %5 chance for this playing out), TSLA will make a higher high and will probably peak around 1000, where we also have the daily downward channel.
