TESLA - Bearish AF

It appears Tesla is forming the beginning stages of a brand new cycle. The 5 wave movement I've mapped out appears to be the subset movement of a larger wave 1 in a new 5 wave cycle. Given the erosive nature of the corrective 2 wave and considering how hot Tesla has performed recently, this would allow for a healthy cool down period. Expecting a break out of the current parabolic structure and will be looking for a bounce on the EMA 50 around the .382 fib level.

Reasons to be bearish:

• Falling volume
  
• RSI printing lower highs
  
• Weekly MACD about to roll over
  

Entry target to ride wave 3 ~$585