Tesla Wave Analysis 1 September 2023

– Tesla reversed from resistance level 260.00

– Likely to fall to support level 240.00

Tesla recently reversed down from the resistance level 260.00 (former support level from the end of July), intersecting with the 50% Fibonacci correction of the downward impulse (1) from July.

The downward reversal from the resistance level 260.00 stopped the previous ABC correction (2).

Given the still overbought daily Stochastic, Tesla can be expected to fall further toward the next support level 240.00 (former top of the earlier wave A from August).