Tesla: Wave [iii] Impulsive Move!

4 nov

Over the past two weeks, Tesla’s stock saw a sharp uptrend followed by a sell-off. We consider the low of the magenta wave [ii] as settled and now anticipate a five-part impulsive movement during the magenta wave [iii]. Regarding the subwave count, there is more room on the downside for the blue wave (ii), before the subsequent wave (iii) should surpass the resistance at $271. However, in our 30% likely alternative scenario, renewed selling pressure could push the stock below the $167.41 mark and thus toward a new low of the blue wave alt.(II).