Tesla (TSLA) looks like a long to me now, from an Idiot Wave perspective. Seeing the current chart reminded me of the last time I thought Tesla looked like a long: December 19, 2014. That trade resulted in a ~$30 loss. Then on January 23, 2015, I thought it set up again. That trade also resulted in a ~$30 loss. Finally on March 31, 2015, I thought it set up again. That trade (entered in early April) resulted in an ~$80 gain, for a net gain over the three trades of ~$20 (less commissions, taxes, and my sanity).
See why I call it the Idiot Wave?