My previous call on $TSLA was for a retracement to complete a wave 4 of cycle degree (I now consider that call to be a failure). It has since moved up too much for my liking. While that other call may still be possible, it now seems dubious to me. The one problem is that if we’re going up (and we are), we have to count this impulsively, and the only way I see to do that involves a strict rule violation. I can’t unsee the triangle in there, but if it’s a triangle, then’s there’s also an overlap between minute (blue) one and four (arrows). There are only three inviolable rules in Elliott Wave Theory, and that’s one of them.
The only other way to try to count this is as a whole bunch of scrunched up ones and twos. At any rate, we seem to be in a third wave advance. The minimum target is the orange box, but it may go as high as it would like to.
Michael Burry may be about to get squeezed.
My apologies for not being able to anticipate this.
For the hell of it, since earnings are coming up, let me throw in an alternative that salvages a “larger” cycle wave 4 (in a triangle, just not as big of one as I first thought we would see). It really should take time (a four of this degree, if that’s what we’re in), and “E’s” often fall short, and so this alternative below gives it more time than the one above. If earnings disappoint and it tops, it could retrace something like the following as well, as it’s conceivable to count the move up from the pink E wave as a distinct impulse wave of its own.
[UPDATE]: Since we have squeezed significantly higher, as a suspected we might, I will file this under “Successful Calls.” I will need to monitor the price action from here for a bit prior to making another call.
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