We have 2 different primary counts on NKLA.
The first would have us assume that the recent downturn from $3.71 to $0.81 was all the downside we'll see. However, the structure for this move leaves no obvious evidence that it was the complete correction. Hence why I left a (2)? at the base of that move. If this is a full complete correction, 0.81 cents was the low, we'll never see lower.
The second wave count, has as assume that move first move down was merely leg A in a multi-month A-B-C correction, which would end in us seeing lows lower then $0.81, potentially even as low as $0.65.
Please note, I am truly unsure of which scenario could play out. Especially since institutions have been LOADING UP on NKLA over the past month.
Both Wave Counts Have The Same Next Move
Whether the first or second wave count, both have their next moves being set on the blue-line you see on-chart. With a swift move to test the $1.60-$1.70 range, followed by a pullback only to see $2+.
Comment if you have any questions or simply to appreciate my work :)
TL;DR
2 Different scenarios, both have the bluelines as likely to happen in the near-term, one has the redline to happen after.
ALSO: Please note we have bullish divergences on 6 different indicators on the daily chart. VERY likely we bottom here.
The first would have us assume that the recent downturn from $3.71 to $0.81 was all the downside we'll see. However, the structure for this move leaves no obvious evidence that it was the complete correction. Hence why I left a (2)? at the base of that move. If this is a full complete correction, 0.81 cents was the low, we'll never see lower.
The second wave count, has as assume that move first move down was merely leg A in a multi-month A-B-C correction, which would end in us seeing lows lower then $0.81, potentially even as low as $0.65.
Please note, I am truly unsure of which scenario could play out. Especially since institutions have been LOADING UP on NKLA over the past month.
Both Wave Counts Have The Same Next Move
Whether the first or second wave count, both have their next moves being set on the blue-line you see on-chart. With a swift move to test the $1.60-$1.70 range, followed by a pullback only to see $2+.
Comment if you have any questions or simply to appreciate my work :)
TL;DR
2 Different scenarios, both have the bluelines as likely to happen in the near-term, one has the redline to happen after.
ALSO: Please note we have bullish divergences on 6 different indicators on the daily chart. VERY likely we bottom here.