FX.co ★ Elliott wave analysis of Tesla for May 6, 2021

Tesla peaked at 900.40 in late January and stated a (A)/(B)/(C) correction. We have seen wave (A) to 721.11 and wave (B) peaked at 780.79 and now wave (C) is in motion with the ideal target seen at 420.47 where wave (C) will be equal in length to wave (A). We could see wave (C) bottom just above at the 50% corrective target at 467.81.

Short-term we see solid resistance at 696.77 which ideally will be able to cap the upside for the next push lower towards 590.71 and below.