Chart of the day

TSLA from a technical standpoint, has shown resilience despite the recent decline. The stock is currently bouncing off a strong support zone between 190 and 200, indicating potential upward momentum. This support level is crucial in determining the stock's future direction. Breaking above this level could signal a reversal of the downtrend and a potential uptrend in the coming weeks. Traders and investors will be closely monitoring the stock's performance and any significant price movements that could indicate a shift in market sentiment.

I see this still as the extension of the long-term upside five waves and ABC correction being finished after the five waves down. We need to see a break above 260 in the coming days and weeks to support a complete upside reversal and extension higher.

Long trades are favored to be opened here with the stops just below 185. I prefer the long trade. The invalidation level jut below the stops level and you should as well use the options to trade this.