I recall it's more typical for TSLA share price to climb higher in anticipation of good earnings. Without looking it up, it seems like this is the most common scenario going into Production and Delivery Reports and Earnings that have high expectations (as Q3 and Q4 currently do). Whether the market thinks the results are good enough to hold those gains, is another question. The overall market is reappraising whether the recent market bullishness has legs or not which has little to do with TSLA. Only the most short-sighted, minute by minute trader would conclude TSLA is in a downtrend channel. Most of us do not trade TSLA on such short timeframes because, history shows, that's a good way to get burnt.
Also, I don't consider any loss of investor confidence that may have occurred due to Elon's actions/antics to be legitimate, at least not from the perspective of an investor that cares about financial results. I have never noticed that Elon's antics are bad for the results he delivers. Investors are the judge of what a company is worth, that doesn't mean collectively they are good at it. If investors were good at valuing companies, share prices would not have the volatility they do because a company grows value gradually as they add production capacity, increase efficiencies and expand their customer base. Intrinsic value of a company does not jump around wildly with no news and no new developments, like the share price does. That's all the proof you need that investors are not good at valuing a company like TSLA. If they were, TSLA would not be worth 21 times its value exactly three years ago. Perhaps eight times as valuable, not 21 times. Tesla was a screaming buy in the summer of 2019 for anyone with eyes to see. Most investors were blind to that. History has shown that the last thing an investor who wants out-sized gains should worry themselves silly with, is investor confidence. Because that is something that turns on a dime and has little to do with intrinsic value.
Remember, even when a stock is in a strong up channel, it's a given that it will decline two or three days in a row periodically to take a breather from recent gains. This is normal and expected, it does not define a new down-channel trend until it has moved much more than the small amount of consolidation we have seen recently. Saying it's "clearly back in the downtrend channel" pretends to own a crystal ball that we know doesn't exist. The nature of the market is that it tries to fool as many people as possible, as often as possible.
