Nikola Corp. NKLA - The bear is finally going into hibernation
We might have seen the worst of the bear market for NKLA. The strong downside movement is part of a long term correction wich in the Elliott Waves Theory coincides with the ABC pattern.
Wave C is almost complete and is forming a wedge pattern with its wave 5 < wave C. That means that the following movement should be a new impulse which could start with the breakout of the wedge.
In this scenario we implement the following strategy:
- Entry point: the breakout of the wedge;
- TP: $ 1.70; $ 1.98;
- SL: $ 0.62
It should be reached in very short term once the pattern is complete. We suggest to operate with trailing SL and TP in order to take advantage of potential stronger upside movement.
Wave C is almost complete and is forming a wedge pattern with its wave 5 < wave C. That means that the following movement should be a new impulse which could start with the breakout of the wedge.
In this scenario we implement the following strategy:
- Entry point: the breakout of the wedge;
- TP: $ 1.70; $ 1.98;
- SL: $ 0.62
It should be reached in very short term once the pattern is complete. We suggest to operate with trailing SL and TP in order to take advantage of potential stronger upside movement.
Trade active:
Two entry signals hit!! Now I trade at market price setting the previous price targets as SL and TP.