In this technical blog we’re going to take a quick look at the Elliott Wave charts of Wheat Future TESLA, published in members area of the website. As our members know, TESLA is another instrument that we have been trading lately. The stock is showing impulsive sequences in the cycle from the October low (379.67) . The price structure of Tesla has been calling for further rally. Consequently, we advised members to avoid selling the stock and keep on buying the dips in the sequences of 3,7,or 11 swings whenever get chance. In further text we’re going to explain Elliott Wave Forecast and trading strategy.
Tesla 1 Hour Elliott Wave Analysis 10.02.2020
Current view suggests the stock is bullish against the 401.57 pivot . As of right now we are getting wave 4 red pull back. The pull back looks incomplete at the moment. suggesting we can see another leg down toward 545.88-512.72 equal legs area (buyers zone). We do not like selling in any proposed pull back and favor the long side from the marked blue box area. As the main trend is bullish, we expect to see 3 waves bounce at least from the mentioned zone. Once the price reach 50 Fibonacci Retracement against the((b)) black peak, we should make long positions Risk Free ( put SL at BE).
As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a bounce.
You can learn more about Elliott Wave Patterns at our Free Elliott Wave Educational Web Page.
Tesla 1 Hour Elliott Wave Analysis 12.02.2020
Tesla made leg down toward blue box area. The stock buyers at 545.88-512.72 ,as we expected. We got bounce from the area and call wave 4 red pull back completed. However we need to see furhter separation higher , ideally break above 3 red peak to confirm next leg up is in progress. As soon as the price reach 50 Fibonacci Retracement against the((b)) black peak, we will make long positions Risk Free ( put SL at BE).
Tesla 1 Hour Elliott Wave Analysis 12.07.2020
Eventually Tesla made break above 3 red peak. The price confirmed next leg up is in progress .All longs from the blue box should be risk free at this stage. As far as the pivot at 541.07 pivot holds , we expect the stock to keep trading higher within wave 5 red as shown on the charts. We don’t recommend selling it, and favor staying long from the blue box in risk free positions.
You can check most recent charts in the membership area of the site. Keep in mind not every chart is trading recommendation. The best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.
Elliott Wave Forecast