Yes, but my timing is always terrible. I shouldn't buy insurance if I NEVER use it....
No one has ever gone bankrupt buying insurance
However, insurance are best bought during good times, or at least when it's gloomy, not when the sky is full blown falling. That's easier said than done as during times when the cost of insurance is low, some tend to be overly bullish instead of thinking what if I'm wrong.
More importantly, don't use CC as your insurance. Puts / put spreads where you can get a 5:1 return are better for insurance. CCs will at some point blow up in your face, like today. You can get 9/10 right but the last one can always get you back for every penny and then some.
Some chart
The daily trend resistance is sitting at 163.5. Once TSLA closes a day above this level, it should be taken as a sure sign of reversal. Once crossed, this level should be retested once. That's why I only recommended 165+ CC expiring this week. Normally a stock has to go through the lower timeframe resistances first before getting to the daily but this is an ER move so best not to tempt fate.
As a rule of thumb, once TSLA breaks out of this falling wedge, the minimum target is going to be the top of the first dead cat @ 206. However, my bet is its not going to get there in a straight line.
On the lower timeframe, we can see a very distinct 1st wave going from 138.8 to 144.4. The 4.618x extension of this move points to, would you look at that, 164.5. Therefore, I'm suggesting that on both the lower and the higher timeframes, the stock is currently sitting just right under a very strong resistance. What might end up happening is we can spike really hard tomorrow and stays elevated all day in the 165-167 zone then close the day above the daily trend resistance. Chopping up for a couple of days, and then drop with SPY into next week to consolidate. This 4.618x rule is reliable, but I'd keep an open mind during a such a strong move as this off the most oversold condition since 12/2022.