At least some, if not most, of this current action is a REALLY intense bear attack with heavy shorting focused on ripping down through the $250 support. That obviously then triggered some substantial selling. Not saying there isn't institutional selling, but this stock is uniquely traded as a result of being poorly distributed with consolidated insider ownership and heavy short interest. At times, that dynamic produces big drops that can look like heavy institutional selling even though it's really basically an intense bear attack. This is why TSLA is so intensely volatile, with huge drops and rapid climbs. Take a look at this chart from July 2017 when there wasn't even any news going on, just an orchestrated bear raid surrounding the July 4th holiday. Stock rapidly dropped from $386 to $306 (21%). This was near the ATH level, so there certainly was some profit taking, but the point remains. High volume red candles yet it wasn't because institutional longs were dumping. Look at the rapid recovery over just 5 weeks. That's just TSLA.
View attachment 401693