26May

Tesla Inc. (TSLA) Elliott Wave Forecast Reveals Tesla Price Turning Points on Charts with Key Support and Resistance Insights

Tesla Inc. (TSLA) Elliott Wave Analysis | Trading Lounge – Daily Chart

TSLA Elliott Wave Technical Analysis

FUNCTION: Counter-Trend

MODE: Corrective

STRUCTURE: Flat Pattern

POSITION: Wave (C) of B

DIRECTION: Uptrend in Wave (C)

DETAILS: A final upward leg is expected in Intermediate Wave (C), likely completing the five-wave substructure soon.

Daily Market Outlook:
Tesla (TSLA) is currently moving through the final phase of a flat corrective structure. Intermediate Wave (C) is anticipated to advance higher, signaling the potential conclusion of this correction. Traders should monitor key resistance areas, as this move could represent the peak of the correction before the next primary trend begins.

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Tesla Inc. (TSLA) Elliott Wave Analysis | Trading Lounge 1-Hour Chart

TSLA Elliott Wave Technical Analysis

FUNCTION: Counter-Trend

MODE: Corrective

STRUCTURE: Flat Pattern

POSITION: Wave {c} of 4

DIRECTION: Downtrend in Wave {c}

DETAILS: A decline is expected in Wave {c}, aiming to complete Minor Wave 4, possibly reaching the lower channel support before reversing.

1-Hour Market Outlook:
On the 1-hour chart, TSLA is tracking downward within Wave {c} of Minor Wave 4. The price is projected to approach the lower boundary of the trading channel, where a potential reversal could kick off a new bullish Wave 5. This aligns with the daily chart's scenario of wrapping up Wave (C) with a final upward movement.

Technical Analyst: Alessio Barretta

Source: Visit Tradinglounge.com and learn from the Experts. Join TradingLounge Here 

Previous: The Procter & Gamble Co. (PG) Elliott Wave Technical Analysis

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