Elliott wave analysis of Tesla for October 5, 2021

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Tesla is close to completing wave B of a major correction. If so, it may decline into the key support area between 366 - 468 from where a new impulsive rally is likely to occur. However, the main trend for the next months will be a bearish one to complete the ongoing correction.

In the short term, we will be looking for a minor rally closer to resistance at 823. This corrective rally may pish the quote to 468.

The material has been provided by InstaForex Company - www.instaforex.com

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