$TSLA TOP 20
Added 2024-03-30 23:07:27 +0000 UTCBe in no doubt that $TSLA's pull back from $414 to where it is now is nothing more than a Primary Wave 2 pull back and look at where the 0.618 Fib and 0.78 Fib levels are right now.
The 0.618 Fib is at $165 which has been a support level in March and if $165 is lost, Wave C can still hold the 0.78 Fib at $97 for Primary Wave 2 and can still be a valid Wave 2.
What hurts most for $TSLA holders is that they were used to $TSLA climbing aggressively for so long that the pull back seems to hurt more.....but this is a reminder to everyone that Elliott Wave Theory is found on every chart.....and when Wave 5 is complete, there is an ABC pull back and it can come back to between the 0.618 - 0.78 Fib and this would be considered normal.
$TSLA is no different to any other stock that has ever existed.
Even $NIO, it ran from $1 to $66 and has still not made a lower low yet. What makes it hurt so much is that people got used to the inflated prices and thought this was normal.....it could only become normal if $NIO started growing production numbers at enormous rates, which they have not done.
Back to $TSLA, the price is still in this descending wedge and holding above the 0.618 Fib...bulls have a chance to breakout....but a break down here and the 0.78 Fib is next in the buy zone.
