Tesla still has a long way to go

Yesterday, Tesla extended a new low slightly below the previous one. Tesla is now at $205.37, clearing the way for the Alternative Count.

Thus, we can assume that we saw the overriding [1] in November 2021 and have been in a correction since then.

Typical for the wave [2] is a correction at least below the 0.618 retracement. Also common for the type of correction, according to the Elliott waves, is the 1.618 extension of waves [A] and [B], which is just above the 0.786 retracement at $98.55.

elliottwave.com/investing/-/media/C4E91E40381B49D5850A415C9E25B8A4.ashx

What this means for us is that Tesla stock is likely to fall almost 54% more. The next hurdle is at the $158.58 (-26%) where the 0.618 retracement is tested.

Tesla has lost almost 30% in the last 30 days, such an impulsive sell-off suggests that the correction is not over yet.

However, if the price now turns around and sustainably rises above $315.13, the alternative scenario comes into effect and we still see values around $400. After all, still with 40% likely.

Translated with DeepL.com/Translator (free version)