- We initially projected a pullback in Tesla to $302-$315, but prices extended lower, thereby completing a larger correction sooner than later.
- We share important price levels in the TSLA chart structure, and indicators that are flashing bullish at the moment.
- We use a probabilistic approach in our methodology for TSLA and like stocks. Let us show you how that works.
- We are Stock Waves, aka Zac Mannes and Garrett Patten. We lead the investing group Stock Waves, where we share the highest-probability investment opportunities where technicals and fundamentals align
By Levi at Elliott Wave Trader; Produced with Avi Gilburt
You know, we rode the last bullish setup from $219 up to $484 before pulling the ripcord and showing the caution light, near exact trough to peak. The current pullback was anticipated and ideally projected to complete in the $302-$315 region. Obviously, we have extended below that area. But please allow us to show you what we are seeing now and why this is actually quite a solid scenario for an upside resolution.
A Swing And A Miss
Kindly take into consideration that our initial anticipation for this corrective leg was for a smaller [a] wave of the B that is now completing in its entirety. This means that the entire B wave would have formed an a-b-c structure and reached where we now actually find ourselves. Obviously, prices have decided to stretch lower sooner rather than later.
What does this mean? Clearly our scenario was wrong. Like a swing and a miss, we saw the pitch, it looked good and we took our chance. But there is something even more interesting to behold. Let’s get into the latest update that Zac Mannes just put out for our members. We wanted to share it with the readership here as well.
READ FULL ARTICLE HERE!
