Tesla (TSLA) remains under pressure after turning lower against the 413.23 high on the 1-hour timeframe. Since that peak, the stock has completed a five-wave impulse decline, labeled as wave ((iii)), ending at 304.28. TSLA has now turned higher, suggesting that wave ((iv)) is in progress as a corrective bounce. In the near term, some additional upside may develop as wave ((iv)) unfolds. However, the current bounce is expected to remain corrective in nature. Once it completes, TSLA is expected to turn lower again and resume the downside sequence. The next decline should complete a higher-degree red wave 3 and further confirm the broader bearish structure.
The 4-hour chart also supports this view. TSLA has been declining from the 453.35 peak, with recent price action fitting into an impulsive structure. The current wave ((iv)) recovery should offer only a temporary reprieve before the stock resumes lower.
On the bigger timeframe, the bias remains to the downside. TSLA is expected to eventually reach the 290–189 price range as it completes the larger pullback from the 498.83 peak. In the near term, price may continue higher within wave ((iv)), but the recovery is expected to remain limited below 413.23. After the bounce completes, the stock should turn lower again, keeping the bearish trend intact.
TSLA 45 Min. Elliott Wave Chart
