FX.co ★ Elliott wave analysis of Tesla for January 27, 2023

As we said yesterday, it was possible that Tesla would move closer to resistance near 169 before topping and that's exactly what we now are seeing about Tesla. Despite the strong rally out of the 101.81 low, we will be looking for a final dip closer to our ideal target at 98 to complete the corrective decline in wave 4. This final decline should then set the stage for wave 5 to take over for a rally beyond the former top at 414.50.

But for now, we will stay focused on the ongoing corrective rally completing near 169 for a new push lower.