FX.co ★ Elliott wave analysis of Tesla for January 10, 2023

Tesla has already reached the 78.6% corrective target at 97.98 but a firm bottom doesn't look to be in place just yet. We expect a temporary rally towards the 145-146 area from where a new attack on the downside is expected. We don't see Tesla making any major progress towards the downside, but we should see a new low below the former low at 101.81.

Short-term we expect minor resistance at 124.50 to be able to cap the upside for a minor setback to the 110-112 area before a new attempt to break above 124.50 for a rally towards the 145-146 target area.