Chart of the day

TSLA is bouncing off the strong support 233. A confirmed break below this level could invalidate the extension higher and would lead to a breakdown lower in the long-term fifth wave.

This is still viewed as the long-term five-wave downside and to invalidate the extension lower and to completely reverse higher we need to see a break above 260.

Long trades are favored to be opened here with a small risk just below 233 and you can trade with options as well. We favor the long trade entries at this stage as we see an ongoing price action to continue higher and to invalidate the downside extension. Short trades could come only upon a confirmed break below 230.