Lucid Motors (NASDAQ: LCID) is an electric vehicle (EV) manufacturer known for its luxury electric sedans and cutting-edge technology. The company has been a focal point of investor interest, especially as the EV market continues to grow rapidly. Over the past few years, Lucid Motors’ stock has experienced significant fluctuations, reflecting both its potential for growth and the inherent volatility of the EV sector.
A Promising Start and Subsequent Volatility
Lucid Motors has captured the attention of investors since its initial public offering (IPO) through a SPAC merger in July 2021. The company’s stock quickly surged to highs around $60 per share, driven by excitement over its innovative vehicles and ambitious production targets. However, as with many companies in the emerging EV market, Lucid’s stock has been subject to considerable volatility.
As of now, Lucid Motors’ stock is trading slightly below $6 per share, a steep drop from its previous highs. For investors who have followed Lucid’s journey, this sharp decline might seem like an enticing opportunity to “buy the dip” in anticipation of a rebound, particularly as the EV market continues to expand.
The Elliot Wave chart below suggests that the unfolding structure may be a leading diagonal Elliot Wave Pattern. A leading diagonal is the beginning of an impulse or a zigzag and can appear in form of a 3-3-3-3-3 (more common) or 5-3-5-3-5.
If this count is correct, then it puts the short term target to around the 5.3 region which is the 423.6 ration of wave 1.
