Overview: let's review the expectations of the previous update:
Update: we were definitely close to the completion of the first leg out of the lows (wave A) and this week we completed wave B. What I see as the most probable scenario is that TSLA is developing a flat and if that is the case, the bottom is NOT in on this name as were suspicious. To wrap up, I believe we are in wave C of (X) that should complete by end of this year and continuing the downtrend going into the next year, wave (Z).
Points of interest for wave (X) peak? (~217)
1) Based on the pullback of wave (Y): 217.04, 238.28.
2) Based on the volume profile of wave (Y): there are high volume nodes around both of the prices mentioned above. The VPOC is at 245, but I believe it is not possible for TSLA to go that high.
- Bottomed for wave (Y), which can be the completion of the major correction wave B, or another wave (X) and wave (Z) in the next year.
- Right now, near the completion of the first impulse off the low, wave (a)."
Update: we were definitely close to the completion of the first leg out of the lows (wave A) and this week we completed wave B. What I see as the most probable scenario is that TSLA is developing a flat and if that is the case, the bottom is NOT in on this name as were suspicious. To wrap up, I believe we are in wave C of (X) that should complete by end of this year and continuing the downtrend going into the next year, wave (Z).
1) Based on the pullback of wave (Y): 217.04, 238.28.
2) Based on the volume profile of wave (Y): there are high volume nodes around both of the prices mentioned above. The VPOC is at 245, but I believe it is not possible for TSLA to go that high.
