Take a look at Tesla's (TSLA) daily chart below. We can see that after a sharp rally in February into early April, price has been in a choppy decline.Tesla (TSLA) Daily Chart 12/14/2016(click to enlarge)Correction Structure:- Looking at the daily chart, I would say that the V-shape reversal in Feb-April was a very bullish signal. - Since almost hitting 270, price retreated in a choppy manner. To me, the choppy manner suggests this is a corrective stage.- I anticipated some support at 61.8% fibonacci retracement. Finding support around 61.8% retracement would support the bullish scenario.- However, unless price can clear above 200 and above the falling trendline, the correction structure is still intact. - This week, we are seeing price crack this resistance at 200. Bullish scenario:- A break above 200 would be the first step to open up the bullish outlook.- The first resistance would be around 215, area of a previous high and where the 200-day simple moving average resides at the moment.- 215 is key because if price doesn't break it, TSLA would still be in consolidation mode. - A break shows ability to break a previous high, which would confirm the bullish outlook.- Above 215, we should look at the common resistance around 240. - A break above 240 then opens up the 2016 high just under 270. Failure:- A failure to hold above 200 and a slide back under 190 would reflect continuation of the bearish correction. - In this scenario, I would look for further pressure on the support around 180.