Overview: since July 9th, while we have been completing the subwaves of wave a of 3, we expected wave b of 3 (40 week cycle trough) on TSLA to happen on the third week of August around 230.
In the update of July 29th and on the hourly chart, I had TSLA in wave (b) of b of 3 developing as a flat correction, then had wave (c) of b starting later in the week for a target of 225.50 happening around 24th of August.
Update: TSLA did not form wave (b) of b of 3 as the flat correction that we expected and it was developed as a triangle, but it should not harm us at all as the overall expectation is not changed.
There is really not much to add to the explanations I provided in the previous update, I just want to add 2 points:
In the update of July 29th and on the hourly chart, I had TSLA in wave (b) of b of 3 developing as a flat correction, then had wave (c) of b starting later in the week for a target of 225.50 happening around 24th of August.
Update: TSLA did not form wave (b) of b of 3 as the flat correction that we expected and it was developed as a triangle, but it should not harm us at all as the overall expectation is not changed.
There is really not much to add to the explanations I provided in the previous update, I just want to add 2 points:
- My price target for the upcoming 40 week cycle trough is still the same (225.5), but I think it is going to happen sooner (~16th of August).
- We got a downside break of the 80D cycle FLD this week which shows a price target of 231 for the upcoming trough. But, since the trend underlying that wave is down, we should overshoot that target (hence going to our original target of 225.5).
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