The Long Investor

$TSLA TOP 20

Added 2023-06-26 05:41:11 +0000 UTC

$TSLA's pull back is unlike the other Mega Caps pull back right now, they are all very structured with clear impulse counts, while $TSLA is showing the clearest corrective wave disguised as an impulse wave that I can see right now, $INTC is a close second. If you look at both of these charts, you will see that they are very similar and both have two very distinct parabolic waves....in an impulse wave, we normally only see this for Wave 3 and rarely see it twice, so for me, this is a concern.

It has also rejected at our expected spot for a corrective wave.

I have added in a 5 waves down corrective count to consider, if this rejection turns out to be very aggressive.

Bulls want to see this hold above the blue line at $217, it can hold at any level between where it is now and $217 in order to go higher. But I am seeing a H&S pattern forming on the smaller time scale too and this is a bearish indication.

We know $TSLA has a large fan base and when they buy, they buy heavy and they bring a lot of chasers with it, this could push the price higher but getting above that $268 level and holding will be a big test for them.