Tesla : Between a rock and a hard place

7 במאי 2021

Tesla broke the channel to downside but is still above the daily trendline. There are a couple of EW counts possible at this time. The key level is 650. Is this the end of a first part of wave C(circle) with wave C(circle) ending lower, Should 650 be counted as wave A(circle) or has wave C(circle) ended at 650 already. Looking at how price is forming a downward wedge a breakout to the upside is expected, however the channel was just broken itself and will act as resistance. The pressure is still heavely to the downside and the risk of breaking the daily trendline is still very present. If price closes below 650, next week will be a big red week. If not, the big red week will be for another time in the near future.