It appears Tesla is forming the beginning stages of a brand new cycle. The 5 wave movement I've mapped out appears to be the subset movement of a larger wave 1 in a new 5 wave cycle. Given the erosive nature of the corrective 2 wave and considering how hot Tesla has performed recently, this would allow for a healthy cool down period. Expecting a break out of the current parabolic structure and will be looking for a bounce on the EMA 50 around the .382 fib level.
Reasons to be bearish:
Entry target to ride wave 3 ~$585
Reasons to be bearish:
- Falling volume
- RSI printing lower highs
- Weekly MACD about to roll over
Entry target to ride wave 3 ~$585
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