TSLA Weekly Harmonic Elliott Wave and Hurst's Cyclic Analysis
Overview: let's review the key points of the previous update (September 15th):
Update:
As we expected, TSLA invalidated the bullish expectations.
Analysis of the Structure:
I am doing a major relabeling to the daily chart. I see the move from January 2023 low to July peak as a wave 1 and the current move is a wave 2 correcting that whole move.
It is too early to come up with targets for the bottom of wave 2, but a typical wave 2 ends in the range of subwave b of previous wave 1, 152.37 to 217.65 on TSLA.
Looking into the hourly chart, I see wave I of (a) of y of 2 being complete. What follows is wave II to the 260-270 zone in the coming week.
Analysis of the Cycles:
As we expected, yesterday, we completed the first 40D cycle of the current 40W cycle. A typical 40D cycle is 34 days and this 40D cycle completed at 35 days, a perfect cycle.
The next major trough is the 80D cycle trough expected on 14th to 24th of October. Yesterday, we also got a cross of the 40D FLD to the downside, generating a target of 225 for the coming 80D cycle trough (the bearish pressure will bring an overshoot of the target).
- MAJOR warning signs on other charts, except TSLA.
- Be careful being bullish.
- In wave b of (III) developing as a flat correction.
- 262.53 for the bottom, can be a golden opportunity to participate in the a bullish move.
- 40D cycle trough: 22nd or 25th of September.
- No change to the 80D cycle peak and trough dates.
- Important action to watch: interaction with the 20W FLD on September 22nd or 25th.
Update:
As we expected, TSLA invalidated the bullish expectations.
Analysis of the Structure:
I am doing a major relabeling to the daily chart. I see the move from January 2023 low to July peak as a wave 1 and the current move is a wave 2 correcting that whole move.
It is too early to come up with targets for the bottom of wave 2, but a typical wave 2 ends in the range of subwave b of previous wave 1, 152.37 to 217.65 on TSLA.
Looking into the hourly chart, I see wave I of (a) of y of 2 being complete. What follows is wave II to the 260-270 zone in the coming week.
Analysis of the Cycles:
As we expected, yesterday, we completed the first 40D cycle of the current 40W cycle. A typical 40D cycle is 34 days and this 40D cycle completed at 35 days, a perfect cycle.
The next major trough is the 80D cycle trough expected on 14th to 24th of October. Yesterday, we also got a cross of the 40D FLD to the downside, generating a target of 225 for the coming 80D cycle trough (the bearish pressure will bring an overshoot of the target).
