Tesla at Support and Looking Higher

As expected, Tesla made really nice three corrective waves A-B-C, right into a support zone for wave (4) around ideal 38,2% Fibo. retracement and 335 level, so sooner or later we can expect a bounce back to highs for wave (5), maybe at that base channel resistance line, which can act as a support. That said, we think there’s room for more upside towards 400 level or higher.

Tesla, 1h

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com