This is the first attempt at any wave count with TSLA as it can take years to build a proper wave count that may be functional. I have never mentioned what I think a proper wave count should be but I will mention it for the first time. A good wave count is one that you can take a long or short position without using stops.
You may gasp in horror when I say that, but the 2-3 contrarians, and traders I do know about never use stops. Even EWI wrote up a big piece on, why not to use stops.
Any insider that buys his own stock back would not dream about using stops if it dipped some more.
Now if one takes a short position on TSLA he may never have to worry about getting taken out because it backfired a bit, and your stop was running too close. Getting stopped out at a major gold stock market, low or stock high, is a horrible position to have been in beside you can't accumulate nothing using stops. You can never take advantage of the mathematical formula why the contrarians buy low in the first place.
Elliott Wave is very bad for not incorporating what contrarians have been doing for so long since markets began.
If TSLA has gone too far, then this could be in an ending diagonal position where it could crash down to a new low. After all, who can afford to buy electric cars if the world goes into a recession.
Besides TSLA could crash into a 4th wave bottom and another up cycle would be progress. This would be with a perfect wave count.
The arrows are all pointing to open gaps so anything could happen in the long run.
From what I remember TSLA was a hated stock when it first came out and just look at it now!
Donate To Elliott Wave 5.0 "Reboot"