Short-term Elliott Wave view in Tesla (TSLA) suggests that pullback to 327.1 on Nov 27 low ended wave (4). From there, stock is rallying within wave (5) as a 5 waves Elliott wave impulsive structure. Up from 327.1, wave ((i)) ended at 338.62 as a leading diagonal. Wave ((ii) pullback ended at 327.31 as a zigzag. Stock has resumed higher and wave ((iii)) is in progress with internal subdivision as another 5 waves in lesser degree.
Up from wave ((ii)) low at 327.31, wave (i) ended at 338.86, and wave (ii) pullback ended at 335.08. Stock then extended higher in wave (iii) towards 357.19 and wave (iv) pullback ended at 352.15. Expect the stock to extend two more highs before ending wave ((v)) of 1. Afterwards, it should pullback in wave 2 to correct cycle from November 27, 2019 low before the rally resumes. We don’t like selling the proposed pullback. As far as pivot at 327.31 low stays intact, expect dips to find support in 3, 7, or 11 swing for a few more highs.
Tesla (TSLA) 1 Hour Elliott Wave Chart
