warrenbudget

QS DADDY IS BACK

Long
NYSE:QS   QuantumScape Corporation
See you've grown up and learned to be a degenerate just like your pops. not bad.
Give your dad some smokes, it's story time.

QS is one of the biggest shitshows since that time your mother got kicked out of Kokomo's on that Havasu trip.
I know you just read the Intelligent Investor and want to force feed some fundamentals or facts about batteries to me. Save it kid.
your dad has $50 riding on this bad boy, and I'm not going to let you kill my vibes.
The past few months have been tormented by complex triangles and wave five compression.
We love to see it.

It's your time to shine.
Is this financial advice? Are you a motley fool? Will your mother ever be taken off Kokomo's black list?
leverage up cowboy. QS daddy going in.
Comment: Final leg down. Could punch thru the bottom.

Comment: wedge breakout is sticking with a successful backtest so far. This looks like the initial impulse is almost done. I dont expect a very deep retrace before starting w3. Will provide fib targets when it looks like w2 is complete.
Comment: w2 is done. Who bought more this morning??

Wedges typically play out to a target equivalent to widest part of the wedge measured from breakout. An example is this purple line.
This aligns with the 2.618 which is a common w5 target for impulses. assuming there's a deep w3.
This also aligns with my original target from TLs (really just the channel line) and VPVR.

Comment: Wave 2 not quite done.
This appears to be a flat correction. This became evident as the recent wave up was not impulsive and followed a 3-wave pattern ABC.
Confirmation by RSI.

This looks like a flat correction which will be limited by the 1.618 AB extension at $24.70

This presents another buying opportunity.

Comment: Flat correction is complete. I keep my $30 primary w3 target on the board, but I added the 1 and 1.272 in case this does look like ABC. I'm watching other SPACs and im leaning towards ABCs up right now on them, so that's why I am considering this to be stopped short of the initial targets. If this is an ABC up, then we would look for $28.5-$30, so will have to monitor the subdivision. At this point in time I am expending a sharp impulse to follow any day now...and we will go from there. These sharp descending wedges can have a tendency to expand the wedge and it's super annoying, but the chart should reveal itself anyday now. In either case, up big off the initial entry at $24.10 and holding!!
Comment: Breaking out just as predicted.
Depending on where sub wave 3 ends, we will know where the end of the impulse will be. I am watching $30 price target before significant pullback. Might trade this w4, as it looks like w3 is almost done.
Comment: This is why we use EW and these fib levels. Impulse is over.
Comment: As mentioned on June 3 in the comments, this trade was closed at $28.70 for a 20% gain. No further updates will be provided.

Comments

I got $50 on this bad boy too. Either my calls print or they can take everything I ain't sellin
+1 Reply
warrenbudget reubenroyal
@reubenroyal, all yer calls printin??
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reubenroyal warrenbudget
+1 Reply
warrenbudget reubenroyal
@reubenroyal, YAAAT
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beautiful
+1 Reply
cheers mate! yeet yeet
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As mentioned on June 3 in the comments, this trade was closed at $28.70 for a 20% gain. No further updates will be provided.
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So, expecting a pullback from here?
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warrenbudget kevinkostyk
@kevinkostyk, correct. This trade has been closed for a 20% gain. Part of my risk mgmt strategy is to properly identify pivot points on the larger TFs and take high percentage trades. I don't necessarily care if this is a wave 3 or only a C. See this thread progression and my other posts - CCIV and TLRY for good examples.

So far I'm seeing the minimum retracement and clean ABC off this wave



Potentially getting a MA cross on the 1h TF. I like the 50, 100 Ema. Note the lats few times this crossed....



I need to spend some time reevaluating this setup to see if I want to Re enter. Like I said I like the easy money. But it could be good to hang onto this one for the higher targets I initially identified
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Update provided 5/28 9:30 PST
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