Elliott Wave View: Tesla (TSLA) Impulsive Rally Remains in Progr

27 nov

Short Term Elliott Wave View in Tesla (TSLA) suggests the rally from 8.5.2024 low is in progress as a 5 waves impulse. Up from 8.5.2024 low, wave ((i)) ended at 264.86 and pullback in wave ((ii)) ended at 212.11. Stock then rallied in wave ((iii)) with subdivision as another impulse in lesser degree. Up from wave ((ii)), wave (i) ended at 273.54 and pullback in wave (ii) ended at 238.88. Stock then rallied higher again in wave (iii) towards 362.80 and pullback in wave (iv) ended at 302.7

Final leg wave (v) higher ended at 362.79. This completed wave ((iii)) in higher degree. Pullback in wave ((iv)) is now in progress to correct cycle from 10.23.2024 low before the stock resumes higher again. Internal subdivision of wave ((iv)) is unfolding as a zigzag Elliott Wave structure. Down from wave ((iii)), wave (a) ended at 334.4. Expect the stock to rally in wave (b) before it resumes lower in wave (c) to end wave ((iv)). Near term, as far as pivot at 238.85 low stays intact, expect pullback to find buyers in 3, 7, or 11 swing for more upside.