Nov. 23 at 11:49 PM
$TSLA This is a 4-hour time frame chart on a log scale with extended hours enabled. This chart actually provides a lot of information that does not show without extended hours being turned on, and there are some aspects I previously overlooked because of it. Based on Elliott Wave Theory, waves ii and iii both reached typical Fibonacci levels at 61.8 and 188.6, respectively. The current wave iv is at 38.2, which is a standard retracement level.
For Tesla to complete this final wave, it’s crucial that this level holds. At the moment, a potential double bottom has formed. If this level fails to hold, it would signal a bearish outlook going forward. If it does hold, the Fibonacci levels in red represent potential targets for the final wave (wave v).
