Did you by any chance hear about my 180 resistance?
While it is true that TSLA can climb a lot more as it did in the past, it needs to do one thing first: retrace at least 50% of the initial spike up. If you go back, it happened every single time. I invite you to go over this post.
The reason for this is deeply rooted in human psychology. It's not manipulation or random occurrences.
Wave 1 up from the bottom can be impulsive because it is fear driven:
a. Short sellers fear getting blown up
b. Bottom catchers fear missing out
Smart investors do not want to buy any stock that has just run up 80% in 4 weeks, regardless how low the starting point was. Why? Is it because they don't think TSLA is worth $180? No. They don't buy it here because they don't want to compete against short sellers and bottom catchers in chasing it at this price point. If anything, they want these people to buy every share they're forced to buy before taking their own profit on the stock. When the stock or the economy has some piece of bad news, as bad news tends to happen in a shaky global economy, reality is going to set in and people is going to flip "Tesla is still the same company as it was before the ER and a lot of the initial runup was just short covering", it will retrace deeply as 80% profit in a month is no joke. The stock should retrace at least 50% before deep pocket buyers say ok the price is attractive again.
That's wave 2. The retracement is simply a test of strength of the rally.
Wave 3 happens only after the stock has been tested at the bottom of wave 2 and that's when the real fun begins. That's the irrational spike you're probably thinking of. Those were wave 3, not wave 1. We are currently in wave 1. Actually we could already be in wave 2. The question is not if, but when it will retrace deeply.