Higher Lows, Lower Highs = Consolidation
After it failed to break the ATH it fell to the 196 level where it proved it has a support there. However the lack of consistency in Elon's numbers, the verbal war against Apple after its announcement of the iCar, the deceiving reaction of the market for Model X hasn't gained too much traction for it to resume an uptrend.
Within the range there is still room for trading both sides, and until the consolidation breaks to ether side and creates a trend.
This is forming a short term rally towards ER. ER will miss, but the numbers have been weak for a long time already, the important part is the guidance. If this is not convincing this will bring the stock price down and could compromise the support at 196.