Descending triangle pattern - Major correction possible

All the recent news regarding Tesla has severely impacted stock confidence. While Tesla's development pipeline appears strong in the short and long term, Elon Musk's politically divisive antics have been difficult to ignore. The EU and the UK, in particular, have been very critical of the CEO and his behavior, causing tensions and reluctance to support Tesla products.

I am confident that this negativity will eventually pass now that Elon has refocused on Tesla and is addressing the fallout; however, it will take some time. Earnings are expected to be affected this quarter and likely next quarter as well. The new Y-model has reportedly not made the significant impact that was anticipated based on media articles/reviews. Although it is a healthy update.

Investing in this stock is a gamble on Tesla's long-term potential, especially regarding both the automated robot taxi aspect and AI development. Personally, I remain very bullish on Tesla's long-term prospects. However, the charts currently tell a concerning story. First, daily trading volume is declining, and there is the formation of a potentially significant descending triangle pattern on the daily chart, which is worrisome. If this pattern breaks to the downside, we could see prices drop into the $136 range or even lower, possibly even to 98 USD.

I plan to set a limit order in the coming weeks within this range, depending on how Apple and other Magnificent Seven stocks perform, as I expect capital to flow from Tesla to those stocks. After all, Tesla has been a profitable stock for a long time, and many holders are currently in profit.

In the short term, I expect Tesla to retest the range of 219 USD and then remain below 295 USD, potentially dropping lower as the pattern completes before re-testing 219, unless a new positive announcement is made. Trade safely..