The Long Investor

$TSLA TOP 20

Added 2024-07-02 14:58:34 +0000 UTC

Ok I need to be very clear here because $TSLA is one of those stocks that people are extremely sensitive about....like $NIO and $SOFI. $TSLA is blunt and sometimes unforgiving and although there was a relatively low risk run to this point now, the big test is coming up, whether or not the price action can break out of this long wedge, which it has been in since 2021.

Price action has gone exactly to the wedge breakout level today at $231 after impressive figures were released today.

ONLY a break out and hold above this wedge can this impulse wave be valid, I have added it today only as a guide in case it can breakout and hold, it is not a guarantee until this happens, as always, confirmation of support is only confirmed after a breakout and retest....which is why we have been very cautious with $TSLA to assume it is going to break out of this wedge.

So far, it is off to the best possible start but right now we only see a 3 wave bounce since $142, 3 waves is not sufficient, we must see at least 4 waves to confirm an impulse wave, so the price either pulls back at the wedge breakout level for Wave 4, or it breaks out and the retest of the wedge level and holds, is the pull back for Wave 4.

The 1.618 Fib is at $265, which is where we normally set the limit for Wave 3, so we will stick to the theory, if you haven't entered already, waiting for the breakout and retest is the sensible approach here.