Scenario 2: A break below $55 could potentially result in a regular flat: 3-3-5 with .618 extension at $49.50.
If current projection holds, Wave 3 completion price target is $90-100 for March 19th 75C.
If Wave 2 completes a 3-3-5 correction, Take April 16th 65C at $50, and 75C on the sub-2 pullback of wave 3
dry-up with no significant change in underlying further corroborates the proposed wave 2 corrections.
Until we get closer to more news, test results & earnings on their SS battery tech (as well as the additional write off to bring their new facility online), the stock might trade like it did from Jan 6 thru Feb 11 - cup & handle. Since it punched through 55 on Friday, appears another cup & handle on the way, with a bottom around the 49,75 resistance. I'll start accumulating shares at this 50,00 level, & 08/20 85,00 long dated calls around this level. Jagdeep seems a straight shooter, but a little fuzzy when asked "why go public when the tech is still on the cusp and could possibly not deliver as expected in scaleable EV format?"
There's not many companies attempting this one goal, so it's a risk worth taking IMO, especially bullish then for companies like Canoo ($GOEV) who just started taking orders for their new EV configurable delivery vans. The range and re-charge speeds coupled with battery fire safety in QS will absolutely mark the dawn of boutique vehicle startups.