NKLA going to zero

In my last chart, I called the huge sell-off which was inevitably coming for Nikola:

But, I realized now, that I was still being far too friendly on this company.
After the Hindenburg report, and many other red-flags currently popping up, I had to revise my target.

I think Nikola is about to go bankrupt anytime between December 2020 and mid 2021, thus the stock will go to zero
in a nice ABCDE pattern.

December is the deadline where most Nikola stock holders will be able to sell their stocks, until then the price is somewhat
kept afloat by a high short interest, and clueless investors who apparently don't follow the news too much.

Comment:

Let's try an update on the idea.
So NKLA managed to survive longer than many had initially thought.
So, now everything good, NKLA going to rise?

Well, it is being kept afloat by the general hype around electric cars and alternate drive drains. But the problem is that hydrogen won't make a lot of sense, because battery technology just evolves too fast currently. 1000km range EVs are right around the corner.
Tesla Semi is about the be launched.

I just don't see a viable business model behind hydrogen right now.

Whereas EV carmakers can just launch cars that can be charged anywhere, Nikola will have to build a complete hydrogen network from scratch !

And this from a company that has been working for a year now on their factory and still is far from finished.

If they manage to pull up a viable business model, I might change my opinion about them, but right now, I would still say the chances are high that this company will implode at some point.