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12.05.202119:23 Forex Analysis & Reviews: Elliott wave analysis on Tesla stock.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Tesla stock price is at $602 with potential to move even lower. From our past analysis and the wave analysis we posted, price reversed lower at the area we expected for wave II to complete and has moved lower since then.

Exchange Rates 12.05.2021 analysis

Tesla stock price got rejected at the 61.8% Fibonacci retracement and is making lower lows and lower highs. Price broke below the short-term support trend line increasing the chances of breaking below the wave 5 of wave I down. We are now most probably at the early stages of the third wave down. Any bounce should be considered a selling opportunity with the wave c of wave II to be the stop loss for any short position. Target for our bearish scenario remains much lower than $500.
Alexandros Yfantis
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