Tesla (TSLA) – Short Setup
Looking at Tesla on the 1-hour chart, we are observing a potential bearish scenario. The price has retraced into the 0.618 – 0.786 Fibonacci zone, forming a reversal structure in line with Elliott Wave principles.
This zone coincides with the prior breakdown level, making it a critical area of interest.
Trade Details:
– Entry: $462.27
– Stop-loss: $476.65
Targets:
– Target 1: $403.07
– Target 2: $360.66
Analysis:
The current bearish impulse indicates a possible continuation to the downside. With the first target near $403.07 (0.236 extension), this area will be watched closely.
If momentum persists, we could see a push toward $360.66, aligning with the -0.382 extension.