Elliot wave Theory:
QS have finished a wave 2 correction; it is now ongoing for a 3rd wave up. As long as QS maintains current price and DOES NOT go below 44 USD , the bullcase for 250 USD is still in play. If it breaks 44 USD, thereby the 1.618 trend-based fib extension, it could go very much lower, and we would have a case just like NKLA, where continues lows are being made from that point.
Looking at the indicator I like to look at levels such as -200, in order to determine whenever to buy a stock. Right now, the is at -233 on the 4H, which makes it a perfect indication for a retrace up.
Looking at the 12H we have it approaching the last support it made at 32.15. One could make EW based on the alone, so if we break 32.15 on the 12H , the bullcase is therefore gone. So look for that point of interest.
Overall the stock is on a major black Friday discount, and is a major buy after a -40% correction.
Should bounce here, this is not going below 40.
I would place a SL at 41.
QS is now 30% up today. We are set. I will expect some retrace the coming week, followed by an extreme move upwards. I'll keep this updated.