This chart is to update the original. The pullback should have been accounted for, but it pulled back (red box)... and so this chart show those harmonics and the resulting new target 2.38. I was originally hopeful for 2.83 target, but I also put a new Gann line on this and there is a big resistance point at 2.38- we also have to consider the macro patter that bought us down in the first place it is providing resistance as well AND the preceding intermediate harmonic also is holding us back. So profit target 2.38, unless something new develops.
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Its very likely we breakdown at 2.38 mark, even if it goes past by a little bit a flush abck down just seems realistic now.
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Early break-down of NKLA to 1.60 in premarket. These types of falls can signal a fakeout or further downside. The break appears to be an early failure of the intermediate harmonic. The smaller one also shows the same failure point so it has the bearing of a fake out, but very hard to tell until we get some morning price action. Stay tuned.
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If this is truly down side the 1.87 will play as resistance. If not then we can continue with the move back up to get into the channel as shown.
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Moment of truth.. NKLA is attempting to seek above a resistive point at 1.87. I do think we can get through it given what has happened today. Target is still in play. If resistance wins we go back down to 1.50 (no good). If support wins we are still on track for a 2.09 price range before a retracement.. which then should deliver us to 2.35 target.
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premarket 1.91 price level.
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Nothing burger day... there could be signal of hidden bearish divergence, but not so sure how strong this is. esp with the price position on the harmonic in play. The price if it does dip - expecting to go back where the previous bounce was, before a rally back upside. I call these the shake and fake moves. Bearish harmonics like this are known for them. So we shall see. .
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The bad news- we still haven't passed 1.90... the GOOD news is NKLA is establishing strong support at 1.86. Severe bar coding in this region. If and when we break 1.90 it will move super fast.
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If you have held this long - youll like to know anything over 2.03 will boost us up to the target. Maybe we get this in the post market and finished in the a.m. hours tomm. Although this is next move up will be dynamic.. it does end prematurely at the target and abrupt end to the harmonic.. it ends at 2.38 and price will retrace back down pretty harshly.
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The long standing 1.94 resistance has now played as a good support.. the 9:50 candle engulfing previous candles. Looks promising for up move.
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Are you worried yet? Shouldn't be (not yet). Today was the day to ensure market participants acquire the worry syndrome and sell their shares. We took forever to get above 1.90 only to settle back below 1.90 all in the same week. IMO, this is how the markets work to get you to sell and raise the price, so that you can buy later late- and then the market dumps on you sooner. Long story short, there is a new pattern at the C leg.. I would expect a small flush dip in price from Thursday close, but the rally comes back with the completion of a crab pattern. The XABCD price points of this harmonic are 2.13, 1.72, 2.04 1,88, and ending at 2.24. From here we would rally back up slowly. Price must hold near 1.80 to 1.88 though. The NASDAQ also looks to be overdue for a small mini rally itself before a bigger dump and this may translate into these short term higher NKLA prices. By all means we are trading the beginnings of the upward leg of a longer term downward pull that takes place in the future, but there is still meat on the bone here if NKLA holds yet again.
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Beautiful morning move today, played out exactly as laid out yesterday evening. Now its all about reaching target. There will be retracement at 2.24... but the heavy lifting has been accomplished! New potential Target 2.71. Lets GO!!! :) Ill have a new chart up this evening.
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New chart published- trading still active.
Moorsc0de aka Crypt0nomics aka Zaphkiel