Elliott Wave Analysis: Forecasting the Decline In TESLA
In this blog, I want to share with you someElliott Wave charts of Teslawhich we presented to our members earlier this month. Yousee the 1-hour updated chart presented to our clients on the 5/5/19. Tesla had a 1-hour right side tag against 268.56 peak suggesting more downside at that time.
Tesla ended the cycle from 04/03/19 peak in black wave ((1)) at 05/02/19 low (230.52). Above from there, we expected a bounce to occur in black wave ((2)). The bounce unfolded in anElliott Wave Zig Zag correction. We advised members that Tesla should continue lower. Therefore, we expected sellers to appear in the sequences of 3, 7 or 11 swings. At the 100 1.618 Fibonacci extension of blue (A)-(B) which came at around 256.78-268.56 area and that was the first area for selling the stock for short-term traders.
Tesla 5.5.2019 1 Hour Chart Elliott Wave Analysis
In the last Elliott Wave chart. You can see that the stock reached the blue boxarea. So short-term traders could have opened a short position at the blue box (256.78). Immediately the stock reacted perfectly lower. Any trades from our blue box area shown in the chart above were risk-free, which means the stop-loss should be moved to break even,and Tesla even hit the minimum target of 226.4+ afterwards which could have produced a fast gain. Pleasekeep in mind that the 1-hour chart which I presented has changed. This blog should just illustrate how accurate our blue boxes are, and how our members trade our 3-7 or 11 swings strategy.
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Tesla 05.08.2019 1 Hour Chart Elliott Wave Analysis
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