Is looking bearish in the short term here ahead of Earnings.
Notice we had a bearish upper wicked candle (first arrow) to complete the bearish ascending wedge and it recovered to print another wave up that has seen heavy sell pressure with a long wicked Shooting Star (arrow) and now a bearish momentum shakeout (arrow).
So the current chart pattern for this area is bearish overall and it could go quite a bit lower from here.
However LCID is deep here and it has already hit our long term 2.272 target (client only).
So its not out of the question that LCID could have a positive earnings and see an huge gap up as we have seen with other stocks.
Earnings can be quite a lottery and there can be wild moves at trend extremities.
Equally we could see a large bearish move through earnings and there is a risk that it could be the start of the next wave down to lower fibs.
This one looks very dicey here so I have taken small profit and 100% exited.
As I keep saying; there is so much on the menu currently that there is no need to take unnecessary risk.
If earning is bullish then i've lost nothing and best of luck to LCID buyers.
But if its bearish then will will have evaded loss and may even get a deeper buy down the road.
This looks dangerous - we'll see 🤨.
Notice we had a bearish upper wicked candle (first arrow) to complete the bearish ascending wedge and it recovered to print another wave up that has seen heavy sell pressure with a long wicked Shooting Star (arrow) and now a bearish momentum shakeout (arrow).
So the current chart pattern for this area is bearish overall and it could go quite a bit lower from here.
However LCID is deep here and it has already hit our long term 2.272 target (client only).
So its not out of the question that LCID could have a positive earnings and see an huge gap up as we have seen with other stocks.
Earnings can be quite a lottery and there can be wild moves at trend extremities.
Equally we could see a large bearish move through earnings and there is a risk that it could be the start of the next wave down to lower fibs.
This one looks very dicey here so I have taken small profit and 100% exited.
As I keep saying; there is so much on the menu currently that there is no need to take unnecessary risk.
If earning is bullish then i've lost nothing and best of luck to LCID buyers.
But if its bearish then will will have evaded loss and may even get a deeper buy down the road.
This looks dangerous - we'll see 🤨.
I'm taking a break from TradingView but you can find me every day in my Telegram Trading Group 🧐
Priority trades, round the clock updates and a 1 hour technical video per week 😼.
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Priority trades, round the clock updates and a 1 hour technical video per week 😼.
$50 per month 👍🏻.
Contact: t.me/dRends35
Now just to watch and see if this trend will slow down to provide an opportunity to enter.
I won't be buying into today's high bearish momentum as it could be the breakout from a bearish continuation pattern to go lower.