Current Wave Structure
Tesla appears to be in Wave 5, which is forming an ending diagonal pattern. This diagonal formation is characterized by corrective, three-part movements within each sub-wave.Detailed Position
- Currently positioned in Wave 4 of Wave C of Wave 3 within the ending diagonal
- The structure shows overlapping waves, typical for ending diagonal patterns
- Wave movements are becoming more corrective rather than impulsive
Price Projections
The completion of Wave 3 of Wave 5 is projected to reach approximately $430, based on:
- Current wave structure momentum
- Typical fibonacci extensions
- Channel resistance levels
Trading Implications
The ending diagonal pattern suggests:
- Decreasing momentum in the overall trend
- More volatile price swings
- Shorter wave lengths as the pattern progresses
- Potential for a sharp reversal once the entire pattern completes
Time Projection
The completion of Wave 3 could occur within the next few months, considering:
- Current wave speed
- Typical wave relationships
- Historical price action patterns