FX.co ★ Elliott wave analysis of Tesla for December 15, 2020

Tesla shares are moving above our expected target of 825 and continued to a high of 1,243 where it produced a gravestone doji in November indicating a top being in place. At the same time we saw a clear negative divergence on the RSI also pointing towards a possible top being nearby.

The break below support at 978 indicates that wave V now is in place and a correction into the support area between 498 - 640 should be seen in the months ahead.