NKLA has been a tricky chart to fathom and why I havent covered it much but since the recent collapse it has revealed its hand I think.
The last 9 months highlighted have all been forming a breakdown pattern with lowering upthrust failures. And it is a pattern that so many confuse with accumulation, butit is a continuation pattern and after holding this $9.37 support area for so long the downside collapse can be quite deep and violent.
Last weeks price wicked through long range 1.618 fibonacci projection and that can potentially be a re-test before a significant impulsive leg down, or it may collapse in steps, but there will probably be a big selling climax at the end i think and perhaps that will be in tandem with a stock market collapse - we'll see.
Target is $2 and I will amend this with short range fibs down the road.
Weekly RSI will go oversold.
Remember all those chart pointing moonships from $14 - oh dear 😱