Long Term Forecast for Tesla (TSLA)

I wanted to share a possible path that TSLA might take in the near term. While I am not fully sure about the reversal level, whether it is already behind or a little push to 3 fibs (617-640) is still on the road map, the wave (1) off the all time low looks complete. The whole wave is also supported by a channel that is close to ideal. The Golden Section seems to be pointing towards one more high at 640. The length of wave 5 almost equals the one of wave 1. 
If TSLA reverses here, I would be expecting the following targets for the corrective wave (2):

  • min retrace 0.236 of wave (1) – $465
  • max retrace 0.618 of wave (1) – $234
  • timing – more than 30 trading days
  • possible shape – zigzag.
    Note that wave 2 of a lesser degree lasted 30 days and retraced 0.618 of wave 1.
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