ericisom887
Long

NKLA - Corrective Wave Finished - New Impulse?

NASDAQ:NKLA   NIKOLA CORPORATION
NKLA has been coming down for sometime now, but the appropriate corrective wave has finished. We're now awaiting a new set of corrective waves before we can make new price target predictions. Very likely a quick scalp opportunity is here.

Price point of Invalidation: $40-$42 range

Quick Scalp Take Profit: $50-$52 Range
Comment: I don't wanna repost this so I'll make the edit on this comment, we're waiting on a new set of IMPULSE waves not corrective*
Comment: Hope you guys found this helpful, waiting for further price action t o tell if this is just a pullback or a setup for a new set of corrective waves.

Comments

I am surprised why has no one mentioned its S-1 filings yet? Nikola laid out nearly 20 pages of risks in owning its stock. For example, its 14,000 orders for fuel cell Class 8 trucks are nonbinding until lease agreements are signed. I understand the EV hype, but this company looks weird to jump in. Curious, why are you guys confident this is a dip and not a crash?

Disclaimer: I am a noob when it comes to stocks, but heavily interested in knowing more about stocks.
+1 Reply
ericisom887 stupidGuy
@stupidGuy, first of all I want to say thank you for bringing that up :) was a piece of information I was not aware of. However, I trade primarily in Technical Analysis regarding Elliot Wave Theory and some work build on top of that. This isn't a guaranteed entry for a long point, but it appears NKLA has finished a corrective wave resting around the 0.618 fib retrace zone. This call is purely technically based and not at all fundamentally based.
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stupidGuy ericisom887
@ericisom887, I see. fair enough. I was looking at it more from a short term perspective. With so many people jumping on the hype train, I have been very hesitant to go long but do fear that I am missing out on something big :) Thank you for the analysis and responding to my question, appreciate it.
+1 Reply
stupidGuy ericisom887
@ericisom887, LOL so I did experience first hand, the difference between the confidence that comes from experience !

::likes and follows::
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Thank you so much for your analysis. Appreciated.
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Yup, because of FOMO bought a few shares. When I was down $100-200 I said no way I am selling at a loss. now it reached nice -$500 on only 15 shares. Definitely jumped in too late just before it tumbled down. Hopefully it will rally a little so I can diminish my loss.
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ericisom887 B20Bravo
@B20Bravo, I'm expecting a quick spike to around $50 per share to happen soon if the $40 level holds.
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a6783861669 ericisom887
@ericisom887,
WoW
amazing....your guess was 100% correct.
lt jumped to $56 & l got out immediately and look at it now !!!!! went down terribly again
+1 Reply
ericisom887 a6783861669
@a6783861669, Glad you enjoyed the gains :)
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l guess nkla is going to have some jumps down the road ....hopefully Not like a dead cat !!!
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