Tesla: More Room for Wave [iv]

We place Tesla in a magenta upward impulse, imminently allowing wave [iv] more room on the downside. While the current extension suggests that this wave might already be complete, the necessary confirming signals are missing. Still, wave [iv] should primarily settle its low with a sufficient distance above the support at $271. A sell-off below this level, however, is 33% likely in the context of our alternative scenario. In this case, the stock would still be working on the broader correction of the blue wave alt. (II), with the gains since April 2024 considered corrective. To render this alternative scenario irrelevant, TSLA needs to stage a decisive rally above the resistance at $488.50.