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 above $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 wave 2 is yet to be complete. With a target of 2.57 which is a 100% of wave A, we will wait for a confirmation of the wave 2 completion.