TESLA: Oversold but correction my not be over yet.

Tesla is oversold on its 1D technical outlook (RSI = 25.606, MACD = -36.970, ADX = 56.250) but the correction may not be over. The brutal bearish wave since the December 18th 2024 ATH may technicall bottom on the HL trendline, despite having breached the 0.618 Fibonacci yesterday. That is because the April 22nd 2024 bottom was also priced below the 0.618 Fib, even under the S1 Zone. In order to buy confidently again for the long term, we need to see the 1D RSI forming HL again. We expect to see TESLA within the 200 - 190 range before a rebound takes place and then our long term target would be near the HH trendline, TP = 650.

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