Elliott wave Analysis: Tesla, USDNOK and EURUSD
Tesla jumped around 10% today and as expected, it remains trapped in a bullish triangle corrective pattern, as long as it’s trading above 245 region. However, we think that Tesla may stay sideways here to complete waves D and E, but any earlier rally above 389 would indicate a completed correction.
USDNOK is recovering nicely, now already at the bullish 8.2129 level where a break above it confirms a completed wave 2 correction and more gains. We believe a five-wave rally can follow, however be aware of temporary pullbacks that may join the ride; the next one can be wave ii to around 8.1800/8.1500 zone.
EURUSD is unfolding a five-wave drop from the 1.1745 level which is a sign of where the overall trend is going. We see it going bearish, but only after five-waves fully unfold and a new temporary three-wave rise shows up. Currently we are observing sub-wave iv) of i, which can look for resistance at the Fibonacci ratio of 38.2/50.0. Support for the blue wave i can later be around the Fibonacci ratio of 161.8.
Disclosure: Please be informed that information we provide is NOT trading recommendation or investment advice. All of our work is for educational purposes only.
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