Tesla Inc. (TSLA) Elliott Wave Analysis: A Detailed Technical Outlook
This Elliott Wave analysis for Tesla (TSLA) examines both the daily and 1-hour charts, utilizing Elliott Wave Theory to outline potential market movements.
Tesla Inc. (TSLA) Elliott Wave Analysis – Trading Lounge Daily Chart Analysis
TSLA Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Minor wave 3
Direction: Upside in 3 of (1)
Details:
Following the prolonged consolidation in Primary wave 4, Tesla (TSLA) is poised for an upside thrust as part of Minor wave 3. The price target is set at the Medium Level of $400, signaling strong momentum typical of the third wave in an impulsive structure.
Daily Chart Overview
Tesla's current Minor wave 3 marks a significant upside move in the broader Primary wave 5 following the resolution of Primary wave 4's triangle pattern. The Medium Level at $400 remains a key target, supported by strong momentum typical of motive structures.
Tesla Inc. (TSLA) Elliott Wave Analysis – Trading Lounge 1H Chart Analysis
TSLA Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave {v} of 3
Direction: Upside in wave {v}
Details:
Tesla has established support at the top of the parallel channel, strengthening its bullish outlook in wave {v} of 3. Potential price targets include:
- 0.618 of {v} vs. {i}, aligning with 1.618 of wave 3 vs. 1 near $390.
- If the wave extends, equality of {v} vs. {i} projects the next resistance at $433.
1-Hour Chart Overview
On the 1-hour timeframe, Tesla has found support along the parallel channel, paving the way for a continuation of wave {v} of 3. Price levels to watch include:
- $390, where 0.618 of {v} vs. {i} aligns with 1.618 of wave 3 vs. 1.
- $433, marking the equality level of {v} vs. {i}.
Technical Analyst: Alessio Barretta
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