NKLA update

Moorsc0de Updated   
NASDAQ:NKLA   Nikola Corporation
Well this is the updated chart. A few changes. The previous patterns played out and were removed, this is the new one. This is a minor crab pattern and per the previous chart the price points matched up perfectly (see notes). These patterns are notorious for the false breakdowns and long dips at the C wave (as seen here).
The previous target is blue arrow, the new intermediate target is green arrow. This 2.24 mark (when reached) is going to retrace, but not sure exactly how far. I think it will be minimal and carry up to 2.70 region, but I wont get ahead of myself just yet. The blue original target is in play, if this plays out as expected.. but time will tell. Much of what I am basing this extended run on is the Gann lines.
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Chances are the rally comes over the weekend and in post market.. which will make Monday very spicy as it doesnt allow ppl to get in late, and the retracement point will be closer keeping buyers on their toes if they havent bought in already. Even the price action today is lack luster- had you notalready been holding or if you didnt have pinpoint timing for the opening bell. Look for some higher action post market. Monday we will need to watch for the target point.
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Update 8:49am CDT: I had Monday away form the charts.. looks like price on NKLA slipped right where a pump was expected. Not just a slip but a plummet in price. Its still a great indicator to me that price was at a key area. Also remember the previous fake shakeout previous week. Tuesday things slipped slightly lower as well (expected). Most of the price also fell on mostly suddenly disruptive news - CEO stepped down, original mgmnt team gone, recalls, and bond offerings. However bad times dont last forever. All of these factors are apart of doing business and they happen. I kind of like the fact the original mgmnt team is gone to be honest. With that out of the way... I still remain mid to long term bullish on NKLA for a few technical reasons. The technical side of this is price is now down to the GANN 8/1 line. This is a HIGHLY sensitive point- meaning price moves 8 times for every 1 unit of time. Literally price is resting there right now. Youll see it if you scroll down on this chart. This Gann line is where many times we see super price pumps and recoveries to previously help price positions. Also- the new micro patterns involved are not creating new ones and that is also a signal that a swift rise back up is in play- not to mention the overall Macro pattern we are in that signaled all this price action on NKLA from couple months ago is still forming. Also check the Ichimoku System- the baseline is well above current price. Just a few parameters to consider when things look like this- its for a reason, and many times not bad reasons. So as things develop I will update until I close my trade. Buying more right now is a very viable thing. Price points in play for the recovery are 1.69 and 2.24. First tings first price needs to get to 1.55 and hold. Then I feel this will turn around very quickly. If we dont get there, then the trade could face some serious problems in terms of targets in the near future.
I do need to preface- I am not talking about NKLA going to 15+ dollars on AMC type moves.. the positions for tops with NKLA are in the range of $2.60 - $5 dollars high side for long term top. We wont see anything higher this range for awhile, but trading wise this is still good opportunity (IMO) to grab some good profits (even at this level).
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Has been awhile since we seen anything positive on NKLA, but there is some strong bullish divergence setting up.
NKLA testing 3 times at this dismal 83 cent price. Will this hold???
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Looks like it held.. upwards NKLA goes.
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The gains today made up for the last 2 weeks of declines in Sept. Nice!

Moorsc0de aka Crypt0nomics aka Zaphkiel

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