FX.co ★ Elliott wave analysis of Tesla for February 3, 2023

Tesla has recovered nicely in wave 4/ as predicted and could move a bit closer to 199.50 before turning lower again in wave 5/ of 3 closer to our long-term corrective target near 97.98. We will be looking for a possible top near 199.50 followed by a break below minor support at 173.71 to confirm that Tesla has peaked for now and renewed downside pressure should be expected towards the 97.98 target.

That said, we should also stress, that we have been very close to our ideal corrective target and we shouldn't expect much more progress towards the downside, indicating that once we get near this target again the corrective decline is close to completion.