Usman Salis
⬤Tesla is drawing attention for one specific reason: it remains the only Mag7 stock still trading inside a Wave 3 structure. While most major tech names have already moved into later wave stages, TSLA holds a long-term bullish setup supported by a rising trendline. The current price action shows a short-term pullback within that broader upward framework, which analysts say is part of the pattern, not a break from it.
⬤The Elliott Wave count on the TSLA chart places price near the mid-$300 range, with a projected retracement zone sitting between the 0.5 and 0.618 Fibonacci levels. This kind of controlled dip before a next leg up is consistent with how Tesla pulled back toward the $419 target zone in prior cycles, where the stock found support within defined retracement areas before moving higher.
⬤Wave 3 matters because it is structurally different from Wave 5. Where Wave 5 signals late-cycle movement, Wave 3 is associated with trend expansion - the strongest and most sustained part of a move. If the current correction resolves as expected, the long-term projection points to a continuation scenario near $882, a pattern that mirrors the triangle compression near $395 where Bollinger Band squeezes preceded sharp directional moves.
⬤The current pullback places Tesla at a decision point. How price behaves around key support will likely define the next directional phase. That dynamic echoes the setup analyzed in TSLA's 24% drop with $361 support in focus, where defined levels shaped both price behavior and broader sentiment. For now, TSLA's Wave 3 position sets it apart from the rest of the Mag7 - technically, at least.
Usman Salis
