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Mar. 13, 2021 11:06 PM ETTesla, Inc. (TSLA)
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  • High chance that the reversal is over.
  • Last week printed a solid reversal combo - Bullish Engulfing.
  • Next short term target - 1050-1100 in May-August, 2021.

TSLA seemed to reverse the bearish trend this week. The weekly candles produced a strong Bullish Engulfing and the last four daily candles closed above the daily 8 EMA line.

TSLA - Daily & Weekly I am viewing that the corrective action that started at the end of January completed and TSLA is starting its strong rally next week.

TSLA - Weekly - Long Term Projection

Long Term Perspective

I analyzed the wave that ended in January from the IPO and it looked like the whole wave was ideal from the perspective of Golden Section (Elliott Waves). This and few other considerations hinted that this was wave I off the all time low. Wave II retraced precisely 0.382 of wave I and the candle that it closed with and few technical indicators made me think that another wave down is unlikely at this point.

If these were indeed waves I and II, there is enough material to draw a time channel and engineer the levels.

I am offering a long term projection for the stock with approximate price and time targets:

  1. Next short term target: 1050-1100, May-August, 2021
  2. Next long term target: 1800-2000, Q1-Q2, 2023. This target will be adjusted once the short term target and a retrace are printed.

Mark this post.

Analyst's Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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