FX.co ★ Elliott wave analysis of Tesla for October 21, 2022

Test broke both below the S/H/S top neckline and below support at 206.85 which calls for more downside pressure to 139 and possibly even closer to 119 in the near future. From an Elliott Wave perspective, we count the high at 300 as wave 3 and the corrective pattern that followed is an expanded flat correction as wave B rises above the high of wave 3. Now, we are looking for wave C to move below the low of wave A at 179.73 to 139 and possibly lower.