$TSLA TOP 20
Added 2023-08-13 21:39:15 +0000 UTCWe have been concerned about this stock since its earnings release and the chart is very clear here and it has lost the 50 Day MA this week too.....the main concern is the 3 strong waves leading up to the earnings, they were strict, parabolic and mimicked each other, if you look at the low from the start of the year, there was little if any pull backs and this is not what you want to see from an impulse wave.
The WXY pull back during the year too was also not typical of a Wave 2 pull back, we normally see an ABC count, not an WXY count which differs slightly by having 3 waves in W, 3 Waves in X and 3 Waves in Y. Whereas in an ABC count, we have 5 waves in Wave A, 3 waves in Wave B and 5 waves in Wave C.
So there may be a relief bounce here shortly but ultimately I see this coming down lower to at least the blue line, that will be the first test of support.
I have Wave 3 in red finishing on the 200 Day MA at $196 niow.
