Tesla Making Waves

Tesla has been moving steadily following a wave like pattern over the last three years. This involves rising wave followed by channel movement. The movement of the stock one direction or the other is very swift indicating high volatility of the stock. The weekly charts show a similar trend. The RSI is currently oversold and long term trends show a slow down in the strength.

I will short at this position, with a downward potential upto 174. 240 would be stop loss for this stock.