Tesla In Line For An Additional Significant Drop (Technical Analysis)

Seeking Alpha2022-12-21

SummaryTesla appears to be facing headwinds on a number of fronts.With clear bearish targets outlined, we will look at what price region Tesla may be arriving at next.First, we will cover some of the ...

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Comments

Spermie
2022-12-21
Spermie
Wow $50? Then next drop will make Tesla ajunk stock?
- JAMKKT:
  Ok
Goodgolddays
2022-12-21
Goodgolddays
Nice
Jloong
2022-12-21
Jloong
Vv
- Jloong:
  T
BullishKing
2022-12-21
BullishKing
Like pls
- AndySZ:
  done.
- IcyAlchemist:
  Liked
Prosperity88
2022-12-21
Prosperity88
Ok
- BullishKing:
  ok
T202311701
2022-12-21
T202311701
O

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Now we will move to the monthly chart and delve into the bearish wave structure that has yet to complete.Tesla current monthly chart (C Trader)We can see the wave one $414 to $233 with the wave two making its way from that price region to circa $390.The wave three then becomes confirmed with the drop from circa $390 to below the $233 support.We can see Tesla currently surging it's way south towards the next technical stop of $122. 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Waves are essentially a mismatch between buyers and sellers and print a picture of a probable direction and target for a financial instrument. When waves one and two have been formed, it is the point of higher high/lower low that gives the technical indication of the future direction. A wave one will continue from a low to a high point before it finds significant enough rejection to then form the wave two. When a third wave breaks into a higher high/lower low the only probable numerical target bearing available on a financial chart is the equivalent of the wave one low to high point. It is highly probable that the wave three will look to numerically replicate wave one before it makes its future directional decision. It may continue past its third wave target but it is only the wave one evidence that a price was able to continue before rejection that is available to look to as a probable target for a third wave.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9926420726,"gmtCreate":1671611656165,"gmtModify":1676538563766,"author":{"id":"4087307622838700","authorId":"4087307622838700","name":"Spermie","avatar":"https://community-static.tradeup.com/news/c2c84d8ec1f93474462e8a38c16416b7","vip":1,"hat":"https://static.tigerbbs.com/646756f1284a5a6480ed02cc4fa7d1d2","crmLevel":4,"crmLevelSwitch":1,"idStr":"4087307622838700","authorIdStr":"4087307622838700"},"htmlText":"Wow $50? Then next drop will make Tesla ajunk stock?","listText":"Wow $50? Then next drop will make Tesla ajunk stock?","text":"Wow $50? 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