This is an interesting little one.
GOEV up 17% and I'm shorting it here.
Its made a higher high here but if my EW is correct it is not because its bullish, but due to being a higher degree B wave whereas the previous upthrust was a lower degree X wave.
Its quite a cheeky poke upwards, cutting up through the 50Wma for the first time in a year, but I think it will be proven a fakeout because its reached a 1.618 extension, but also its the speed of the move out of seemingly nowhere looks much more like an automatic rally retracement wave than real buying force.
Also it looks to be a post earnings pump and most of EV has done very badly around earnings and badly in general.
If it is a B wave then I expect a 1:1 C wave collapse down to around $3 with 1:1 fib time bottoming in the summer next year. If it doesn't continue up this should be a good one to hold with some buffer hopefully after a collapse.
Not advice
GOEV up 17% and I'm shorting it here.
Its made a higher high here but if my EW is correct it is not because its bullish, but due to being a higher degree B wave whereas the previous upthrust was a lower degree X wave.
Its quite a cheeky poke upwards, cutting up through the 50Wma for the first time in a year, but I think it will be proven a fakeout because its reached a 1.618 extension, but also its the speed of the move out of seemingly nowhere looks much more like an automatic rally retracement wave than real buying force.
Also it looks to be a post earnings pump and most of EV has done very badly around earnings and badly in general.
If it is a B wave then I expect a 1:1 C wave collapse down to around $3 with 1:1 fib time bottoming in the summer next year. If it doesn't continue up this should be a good one to hold with some buffer hopefully after a collapse.
Not advice
Comment:
Down 5% pre market.
Comment:
Down 9% so far today. I'll add more on a bounce once this impulsive trend breaks and perhaps there will be some 4H50ma huggy huggy to short from as in the circled area.
Comment:
Exited out of this one - will look to re-enter higher.
Comment:
Well the trend broke, but it didn't hit my fibs. I still feel that there is a reasonable chance this hits 0.618 retracement from the top, or perhaps not. Confusion doesn't make $ so I might just leave this one. But who knows it may do as it did in the circled area and find a higher high. If it does I'm short.
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