FX.co ★ Elliott wave analysis of Tesla for November 26, 2020

Tesla should find a top in the 574 -605 region and start a larger correction to at least 423 and likely even closer to the 50% corrective target of the rally from 35 til 574 at 305. Just in the last five days Tesla has rallied more than 25% which has brought Tesla up in the absolute elite. With yesterdays close at 574.00 Tesla has the same Market Cap as Berkshire Hathaway and has eclipsed VISA, J.P. Morgan and Johnson & Johnson and only the big five Tech. companies has a larger Market Cap than Tesla.

Short-term a break below 545 will confirm that Tesla has peaked and the corrective decline is in motion.

Trade recommendation:

Keep you stops tight as a significant top is close at hand.