It's Not Looking Good... | TSLA Stock Analysis

AI-generated source summary

The analysis focuses on Tesla (TSLA) using Elliott Wave theory on a daily chart. The presenter identifies a potential diagonal pattern, suggesting that the stock is in wave 5 of a larger impulse move. The current structure within the diagonal is interpreted as a potential ABCDE pattern, where the 'C' wave has reached the 100% extension of wave A at approximately $759.17. However, the presenter notes that this target has not yet been met and that the structure appears to be developing into an expanding diagonal. The key levels to watch are the 38.20% ($106.51), 50% ($70.07), 61.80% ($46.10), and 78.60% ($25.39) retracement levels of a previous move, which are expected to act as support. The presenter believes that the stock is still within an uptrend, but highlights the fragility of the current structure, indicating that a 20-30% drop is possible if certain levels are breached. The predicted target for the ultimate wave 5 is around $1600, but the immediate focus is on the potential for a continuation of the current uptrend, possibly reaching a target of $700 or higher, with a failure bound identified at $224.64.

AI-generated summary based on the source content.