Tesla – Weekly Analysis

TSLA recent and perspective candles can tell us a very entertaining story. A few days ago TSLA closed its 10-day candle. What can it tell us?

We can wee a constellation of bearish candles and combos. After a Spinning Top (circled blue), the stock recorded Three Black Crows (red), and the whole formation confirmed a topping pattern which was also greatly supported by technical indicators. The 10D frame is quite bearish.

If we look at the 15-day frame, the current candle closes on Tuesday. If it holds below $240.85, the candle will confirm a Dark Cloud Cover, one of the strongest reversal combinations. This move would greatly elevate bearish odds and opens a path for bearish closure of August, further increasing the odds.

Has it been entertaining so far? Let’s now have a look at the Elliott Wave projection. The chart below was posted on August 5 when we read the message from candles and a few other signals.

Following the call, $TSLA lost 15% and crossed the must-not-cross line $217.65 and made major technical damage.

Now TSLA is bouncing and getting ready for the next leg downwards.

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In our weekly report we evaluate candles and candle structures, discuss recent technical events and their long term impact, and project the long and mid term targets using the Elliott and Fibonacci theories.

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