$NKLA Expecting a full retracement on this ZigZag Correction

If the EW count is correct, we might see a good retracement back to the $40-60 level.

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Placed a position at 9.79 area.. Sold half on the gap up couple of days ago.. Looking in to increasing my position.

I'm looking for a narrative that can propel the price and eventually break the downward trend..

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Some of the narratives this past weeks..

1. TTS with intent to purchase trucks
2. Earnings surprise
3. Subpoena from SEC around march

If we see higher lows then a reversal maybe in play..

This may transitition to stage 1 which is the accumulating phase.

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Working out beautifully..

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Higher low in placed.. Bottom at $9 area.. Bear trap.. Short seller might be indenial that reversal will about to unfold.. June or July might show a good run..

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up by almost 20% yesterday. If this is strong expect a follow-through.
Short Squeeze may occur..

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Last May, we expected that June can give us a good run. First two days of the month, the stock is up by +20%. We might expect profit-taking in the next couple of days.

Another possible Catalyst is Biden's Administration plans on EV Infrastructure.
This will accelerate and help the EV industry soon. If this would happen, the market may rotate to EV and may become a theme in the next 6-12 months. This will bring liquidity to this sector.

If there's a good pullback, will add more position and hold it for a stronger run.