TSLA has not been wall street’s darling of late. However, IMHO, the move up off the yellow (major) “4?” low still counts best as 5 waves up, and since then there’s been 3 waves down (a,b and now in c). Wave b of these 3 waves was clearly also 3 waves; which b-waves always are. In addition, we have a c=a relationship as well. So far so good. This would then all suggest that yesterday may have been the intermediate ii low. A break lower simple means I am incorrect and what I labelled as a 5-waves up for red wave i, may then have been part of an expanded flat: wave i is then a c-wave, the wave down from green “b” to yellow “4?” is a b-wave, and that same green “b” was then wave a. I know this is complicated, but it could very well be. For now it’s the alternate count and we’ll update the charts if/when needed (as said, if price breaks below the yellow “4?” low). A break above the red “i” wave, will confirm my preferred count.
For now, however, we do see that the TIs (RSI5, A.I., MACD, and FSTO) all start to point up. In addition, price found support at the daily S1 level. This is the first good sign, also since we have a buy signal on the A.I., which we’d really like to see move up >20. If price does break lower, then the daily S2 level is next support, and it would confirm the alternate count. Besides that there is of course lots of overhead resistance: 20d, 50d, 200d SMAs as well as the daily P, R1 and R2 levels. Hence, the bulls have a lot of work to do before claiming victory.