Tesla Just Breached This Major Moving Average Level

The Hourly View for Tesla

  • Currently, TSLA’s price is up $2.53 (0.25%) from the hour prior.
  • This move is a reversal from the hour prior, which saw price move down.
  • If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe.
  • The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Tesla’s hourly price chart is shown below.

TSLA

The Daily View for Tesla

  • At the moment, TSLA’s price is down $-74.66 (-6.75%) from the day prior.
  • This move is a reversal from the day prior, which saw price move up.
  • As for the trend on the daily timeframe, we see the clearest trend on the 100 day timeframe.
  • Most noteworthy in the world of moving averages on the daily chart is that the 20 and 50 day moving averages have been crossed, with price now being below them. The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Below is a daily price chart of Tesla.

TSLA

Featured Tesla Idea From TradingView

Below is a trading comment entitled Elliott Waves. Possibility VS Certainty ! you may find interesting:

Elliott wave practitioners are sometime subject of criticism because of their apparent mistakes !. An important point that many people may not be aware of is that ” Elliott waves analysis is about possibilities and probability of each possibility not about certainties ! “. In fact, there is no false or true analysis in the world of Elliott waves (if a supposed scenario governs all rules). It is about choosing what you think as the most probable scenario but keeping in mind which conditions confirm or invalidate your analysis. If a most probable scenario fails , an Elliott practitioner immediately thinks about second most probable one ! and so on. TSLA at current price and wave form is a clear and typical example of different scenarios possibility. We will investigate those possibilities in the following paragraphs but before that it is worth to mention that general trend of TSLA is up and as I previously published one more leg up is still ahead in broader view .TSLA showed a decline from ATH to 886.12 with an abc zigzag form hitting a strong proposed support at confluence of former ATH, 50 % Fibo retracement and base of down going channel. ( See related idea for more details). It then made a strong bounce back but never reached a new ATH and finished it’s move at 1208 just slightly above 1201.95 minor high with another 3 leg up !. This setup offers several possible scenarios. I could predict 13 of them . Please note that possible scenarios would be considerably different if TSLA made a new ATH or showed a 5 leg up move !. Different possibilities!. We had another decline from 1208 to 980 and then a bounce back to current price.At this current position TSLA may choose different paths. Be patient . We will make a conclusion at the end of idea !. Followings are the possible scenarios as shown on the chart. We have chart of TSLA on the left side and possible scenarios on the right. Please note that right side chart is just a schematic drawing so I kindly ask you to disregard dates and prices on the right side chart: 1. Double Zigzag or Double three Correction : In this scenario , The move up from 886.12 to 1208 is a wave X which connects two correcting forms. Next correcting pattern can be either a flat or another zigzag. Actually we have 2 slightly different scenarios in this part. Difference is second part flat correction ( Double three) price goes j…

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