$NKLA: Nikola Corporation Preparing Acceleration
Nikola corporation is an US American manufacturer of heavy-duty commercial battery-electric vehicles, fuel-cell electric vehicles, and energy solutions. The company delivered first two battery-electric trucks in December 2021. In 2022, Nikola has projected deliveries of between 300 and 500 of its battery-electric semitrucks — known as the Nikola Tre — to customers. Like Tesla, Inc., the company is named in honor of Nikola Tesla, Founded in 2014 and headquartered in Phoenix, Arizona, USA, the stock can be traded under ticker $NKLA at NASDAQ.
Nikola Weekly Elliott Wave Analysis 10.12.2023
The Weekly chart below shows the Nikola shares $NKLA traded at NASDAQ. From the IPO, the stock price has developed an impulse higher in blue wave (I) of a super cycle degree. It has printed the all-time highs on the June 2020 at $93.99. From the highs, a correction lower in blue wave (II) has unfolded as an Elliott wave pattern. Firstly, red wave a has printed a low in July 2020 at $29. Secondly, from the low, red wave b reached higher towards September 2020 highs and became a bull trap. Thirdly, from $54.56 highs, red wave c has broken below $29 lows. It shows an overlapping pattern of an ending diagonal being 3-3-3-3-3 structure.
It is the the preffered view, that correction in red wave (II) has ended in June 2023. While above 0.52 lows, next bullish cycle in blue wave (III) has started. The target will be towards 95-153 area and beyond.
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