The stock price of Tesla has most probably completed a wave II formation at recent highs at $780 and has now started a new impulsive move lower. So far we have seen a clear impulsive downward wave from $899 to $539. It was followed by a three wave upward correction and we now have many chances that this is over.


Red line – support

Green line – expected path

Tesla stock price got rejected at the 61.8% Fibonacci retracement. Support is found at $662. Breaking below this level will increase chances of this bearish scenario. Our view is to see another leg down in Tesla stock price similar to the first decline if not bigger. This could lead price towards $430. We prefer to be bearish Tesla stock price with a stop at recent highs of $780.

The material has been provided by InstaForex Company –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.