TSLA
has seen some explosive growth recently, but this week we’ve seen news of Elon selling affecting the stock along with some other events that have hurt the Nasdaq at times. What are we looking at for the foreseeable future? Looking at the weekly chart, there are a few possible scenarios playing out:
1. A Brand New ATH
1. It looks like it could be possible that TSLA will rebound from it’s current downtrend. We’re currently sitting at what is a decision point for the asset and could see turn around as soon as next week open, or a further drop, with turn around in the $900-910 price range. A powerful bounce here could send us rocketing to a new ATH around the week of Nov 22nd. Some drop before pop would also help us in closing that window everyone is probably looking at.
2. We’re entering a cold winter
1. Will we see mass sell off? It looks like there is currently a lot of room to drop to test the main trend arc of our wave. A drop here could see us attempting to bring the RSI down to the bottom of our arc for a reset. There is a strong downward force that could see us under selling pressure well into the high $600s until late Feb. 2022. While drastic, this could be a very healthy move for the asset and allow it the space it needs to move up again properly. Keep an eye for pressure against the wall of the arcs for potential relief of further rejection down as time progresses. This scenario does align well with the Fibonacci time sequence of previous waves.
Overall trend is currently on an upwards trajectory
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