XPEV's move from 22.73 to 47.98 has recovered 50 % of its major drop from 74.49 to 22.73. Mentioned drop is showing a remarkable 5 down going waves which can be labeled as wave A. ( wave 1 is also possible but we skip this alternative for now). last up going wave ( from 22.73 to 47.98 ) can be just wave A of B which means there may be another up going wave ( Wave C of B) after a correction down to 35, 32 or even 28 USD ( Wave B of B) corresponding to 50 % , 61.8 % and 78% Fibo Retracements respectively. Possible targets for next possible up going wave are shown on the chart. Please note that whole correction ( in the case of having a large ABC correction) may end at 13 USD !. Also, we need a trade below 39.71 to be confident about having at least a correction down to mentioned support prices.All these explanations are briefly shown on the chart.
Stochastic and RSI indicators are showing a bearish divergence with price which could be an strong bearish signal.
It is worth to note that stock may go down below last major low (22.73) without any additional up going wave ( I think it has low probability) therefore, we do not go long without any strong bullish signal in proposed support prices.
I have to emphasize that in terms of timing, chart is just schematic drawing So I kindly ask you to disregard dates on the chart.
We always enjoy our trading? Don't we?
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We had trade below 39.71 today which confirms at least having a correction down to support prices.
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So far, Every thing followed the prediction. In the case of fall to 32-33 an ABC form of correction will be completed and we can go long only and only with a strong bullish sign.
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Taking out 44.42 High confirms the stock being on the way to the proposed targets at 54 or 63 USD.
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XPEV may started the wave 3 of C rally bouncing back from a strong support. If true it will reach at least to 54 USD.
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If you want to open a long Poisson: Entry : Current prices Stop loss : 39.32 Reward to Risk : 14 (Minimum) or even higher
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Strong bullish reaction to 0.786 retracement of last move up. I opened the position again with new stop loss which is 35.79.
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Every thing followed prediction so far!. Lets see how it reacts to proposed targets.
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We made a prediction several week ago and now we see it followed our prediction nicely !
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We may need a major turning to bullish case update ! Taking out 56.45 major high is a key ! If so, we will publish our bullish case long term targets !
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Never took out 56.45 high to start thinking about bullish scenario. Our chart provided several weeks ago (published on 6th July 2021) is still working!.
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XPEV lost the last major low as we predicted several month ago ! What an accurate long term prediction ! Still any doubt about the power of Elliott waves??
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XPEV at 14.56 USD. It is reaching to my long term 13 USD target !!!!.
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My 13 USD target is reached today. It was predicted 14 months ago !!!.
@WinstonWallace, Still it is above 35.8 low. it should go below this low first. as far as it is above this low it is possible for the stock to reach to the mentioned targets
SaeedSajedi
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@WinstonWallace, well, I should spend some time on the chart to make an accurate analysis however I can say as far as major down trend line is not broken trend is down. Market indices are down and going lower. In my best case scenario spx will bottom at 3400 and in moderate scenario will reach to 3400 so unless being a day trader it is not safe to open a long position in my opinion.
commander_007
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LOL $13? 300% yoy revenue growth, enough said
SaeedSajedi
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@zizhouwang11, This is most possible scenario for now man. We have to see how its going on. Of course it can be updated later. First we have to see how it will react to support and then resistances.
AzhdarSarabi
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Great analysis with nice explanations and details.
Any update to this chart possible? Price went further down...
SaeedSajedi
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@himi, Well, you are right. it is still going down and there is no static support in the path. To me, opening any long position without any strong strong reason to do so can be a very painful mistake.