To break through ATHs, the stock must break through the selling pressure of all the investors who had bought near the high and are selling. If there is enough buying pressure, the stock breaks through and reaches new highs. If there's not enough buying pressure, the stock retreats and consolidates for another try later. This is what happened to TSLA in July 2015. Not enough buying pressure to break through the selling pressure. And again in April 2017. And again most recently in February 2017. Each time, as we approached ATHs there wasn't enough buying pressure to break through the selling pressure. As long as the company's fundamentals keep improving, then this will usually create additional pressure for the stock to eventually break through and create enough buying pressure to break through to new highs. In TSLA's case, Tesla's fundamentals keep improving (rising revenues, strong Model 3 prospects, etc) as shown in 2016 Q3 earnings and Q4 earnings. And as this 3 year consolidation period lingers, this only adds to the buying pressure that will be needed to break through to new highs. So, what happens when TSLA eventually breaks through to new highs? Well, prior to the new highs there's a lot of hesitant investors in the market... folks that really like TSLA's prospects but are too timid to get a sizable position. When the stock rises to new highs, those folks start regretting not buying more TSLA when it was priced lower. So, they start thinking "once TSLA is back at $2XX I'm going to buy". The problem is the stock has built up all this buying pressure for over 3 years, and the folks that wanted to sell their TSLA in the 180-280 range have already sold their shares, so the stock keeps going up. In other words, there's a strong support at the previous ATHs of about $280. If the stock were to go lower than that, people (who regretted not buying enough earlier) would buy it up thinking it was their chance. So how high does TSLA go? Well, it probably will go up until it's hard to go much higher. And then it will reverse and test the support at $280-290, and if that holds then proceed to go higher... either testing the newly set ATHs, or breaking through to even higher ATHs. With a high-growth, highly-controversial stock like TSLA, there's a wide range of opinions and views on the company. Thus, this creates a wide range of volatility. In other words, the new range that TSLA consolidates at will likely be a wide range... however it will likely be above the previous consolidated range of 180-280. So, it's possible the new range TSLA trades at might be 280-400 or so. Exactly how high and how fast all depends on too many factors to make it predictable.