I've never been a big fan of Tesla, especially since speculation is rampant on a stock that does NOT pay dividends, but I digress... Tesla look to have coiled up in a symmetrical triangle or what could also be a head and shoulders pattern, "IF" the pattern were toplay out we could see price fall as far as $110. So far my short from $275 is in profit, but I'll be closely following as this trade develops.
Comment:
As mentioned in my reply below in the comments, I do not believe this sell-off to be a certainty, but simply a probability based on the broader market trajectory. I've already taken 50% profit on my trade and I have my stops in place, but I still believe the market will not find a bottom until we heard from the FED on NOV 2nd. If we hear them come off dovish and imply they'll be easing rate hikes moving forward, then it's likely the market will start to form a bottom or a base for a rally shortly after. However, if they continue the rate hikes as is or increase them, then we'll likely see a continuation of the downtrend, and stocks like Tesla will have a decent amount of downside in the cards.