The analyst discusses a triangle pattern forming in Tesla's stock, projecting a potential breakout. Triangle patterns are usually resolved by a move replicating the stock's direction prior to entering the pattern, which in this case was upward from approximately $214 in April to near $367 by May, a 70% increase. While the stock has traded sideways for months, the triangle getting tighter suggests an imminent breakout. A move above the late July peaks at $338 is needed to drive the stock higher. A projection measures the move from April to May, suggesting a target near the low $400s or $425. The S&P 500 has risen 30% in 17 weeks, Tesla has withstood a lot of selling pressure remaining range bound. The analyst believes there is an above-average chance of this working into the back half of the year.