Tesla Inc. ($TSLA) reacting higher from another extreme area

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Hello everyone. In today’s article, we will look at the past performance of the 1H Hour Elliott Wave chart of Tesla Inc. ($TSLA). The rally from 10.31.2023 low unfolded as a 5 wave impulse. So, we expected the pullback to unfold in 3 swings (ABC) and find buyers again. We will explain the structure & forecast below:

$TSLA 1H Elliott Wave chart 11.10.2023

Here is the 1H Elliott Wave count from 11.10.2023. The 5 waves rally from $193.86 peaked at blue (A) and started a pullback to correct it. We expected the pullback to find buyers at (B) in 3 swings at $212.13 – 204.70.

$TSLA 1H Elliott Wave chart 11.12.2023

Here is the 1H update from 11.12.2023 showing the bounce taking place as expected. The stock reacted higher after reaching the equal legs area allowing longs to get a risk free position. We expect the stock to continue higher towards 238 – 258 before a pullback can happen. Alternatively, if the stock is unable to break above $227 at blue (A) then a double correction lower can happen (WXY) before higher.