Now let's look at the TSLA chart below. Take a look at the strong volume surges in February of 2016 at the bottom of the correction and in April of 2016 at the top of the recovery. In February, when TSLA dropped to low level and a lot of Bullish traders attracted by relatively low TSLA price started to jump into the market and buy TSLA stocks in big volumes. They beat the Bears and they pushed the TSLA up. In April, when TSLA hit highs, another wave of TSLA traders jumped into the market. In this case it was the bears and it was bigger volume surge when compared to the one we had in February. Much more Bears were dumping this stock in April and their pressure overcome the February's Bulls who was already exhausted Today we had another strong volume as TSLA stock crash - there are still Bulls who believe in TSLA. If we have another couple of negative trading session with even higher volume it would suggest another big wave of the Bulls and we may see another bounce up. We will continue see TSLA bouncing up and down until either Bulls or the Bears become exhausted. Taking into account that the volume surge in April 2016 was much stronger, we may say that the Bears' desire to dump this stock is stronger. Stronger volume surge also mean bigger institutional traders are dumping this stock. Based on this I would expect a strong TSLA crash. When? When the Bulls currently jumping on each dive become complete exhausted. As Richard Wyckoff said before a dive down the market had to shake off all the bulls... When I see that this stocks declines and ignores strong volume surges to the price down-side, that would mean crash.
Tesla (TSLA) is dropping hard after earnings. The stock rallied from $135-$260 so profit taking was to be expected. Tesla (TSLA) will now have major support located at $200.
It is obvious that the cars will be available to all in great demand, respectively the stock will go up, so now it's quite profitable to acquire the company's shares.
Volume still low, does not looks like a lot of traders are attracted by TSLA price. Without strong wave of the bullish traders, we cannot expect any change sentiment in this stock. Unless we see see volume to the price downside which could be equivalent to volume we saw on April 1-12 of 2016, we cannot expect any serious reversal up. Until then we may have bounces up but nothing serious.
Under soon I assume you mean from couple of hours up to a day. $214 is only 3% away from the current level. With 14-day absolute ATR around 4% it could be achieved within a single session.