$TSLA, From reaching the all time high of 1,243.07, Tesla creates and nearly completing a good one example of Elliott corrective wave or Zigzag.
In Zigzag rules:
Zigzag is subdivided into 3 waves which subdivided into 5-3-5 waves. Wave B never moves beyond the start of wave A, wave A and C is subdivided into an impulsive or diagonal, and wave B is subdivided into three waves, a triangle, or a combination.
This correction wave could be close the gap and reach the 840 Level and can be considered a healthy pullback with declining of volume and forming a bullish chart pattern. This pull back has a potential to reverse the short term trend upside.
In Zigzag rules:
Zigzag is subdivided into 3 waves which subdivided into 5-3-5 waves. Wave B never moves beyond the start of wave A, wave A and C is subdivided into an impulsive or diagonal, and wave B is subdivided into three waves, a triangle, or a combination.
This correction wave could be close the gap and reach the 840 Level and can be considered a healthy pullback with declining of volume and forming a bullish chart pattern. This pull back has a potential to reverse the short term trend upside.
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