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Target for Tesla's (TSLA) slide

Shares of Tesla Motors (TSLA) have been trading choppily in the medium-term - from a month to month perspective. In the short-term, price has been falling sharply. Where might this stock fall to? Let's take a look at the price chart.

TSLA Daily Chart 9/5

(click to enlarge)

Bearish targets:
- First, I want to note that price has strong momentum right now. But in the choppy market that TSLA's been in, it should not be a surprise that it does about face reversals swing of more than 10% as it is doing now. 
- After all, Tesla Motors is a very speculative company at this point. 
- Therefore, we should be monitoring key pivot points.
- One such will be in the 189-190 area, which represents the 61.8% fibonacci retracement level. 
- Considering that TSLA has been maintaining a pattern of lower highs and lower lows, we should anticipate extension below 189.
- There is a large support area below 189, in the 176-181.25 area. We can see that this area has been common support since May 2014. 
- I think in a choppy market, with the RSI in oversold area and price at key support, we should anticipate some buying that could lead to a period of consolidation.