# Lucid Group LCID Elliot Wave Analysis Weekly Chart

Long

NASDAQ:LCID   Lucid Group, Inc
Welcome to a continuation of my Lucid Group analysis :)

With the help of this analysis I would like to determine the price targets of a wave 3 with the help of the Elliot wave theory.

As we can see in the weekly chart of Lucid Group, wave 1 is already formed:

0 = 02.11.2020 / 9.60 USD
1= 18.02.2021 / 64.86 USD.

This was followed by wave 2 with an ABC correction:

A = 02/18/2021 - 05/13/2021 / 17.29 USD
B = 13.05.2021 - 01.07.2021 / 29.81 USD
C = 01.07.2021 - 01.09.2021 / 16.11 USD

Wave 2 Corrected 87.27% of wave 1

I determine the possible price targets of wave 3 with the following Fibonacci extensions:

100% / 71.37 USD (pink arrow)
161.8% / 105.52 USD (purple arrow)
261.8% / 160.78 USD (White arrow)
423.6% / 250.19 USD (Blue arrow)

The height of wave 3 is ultimately dependent on the strength of the bull market.
To put it briefly, the more buying power comes up the more impulsive the wave 3 will form, because Elliot waves are based on the behavior of market participants, at least in theory.

If you take a look at the current Google Trends, you will see that the world is increasingly searched for Lucid Goup or Lucid Motors, and the search calls rise in parallel to the chart, this confirms my assumption that we are in an Elliot wave 3.

After the wave 3 is over, the price goes into a correction phase, the Elliot wave 4.

The corresponding correction wave 4 and its various price targets can be seen in the chart idea.
The correction levels are drawn in the same color as those of the wave 3
(Click on the split symbol and select "Make mine" to scroll around in the idea)

We will discuss wave 5 as soon as wave 3 and 4 are finished ;)
Because the size of wave 5, depends on wave 3 and 4.
Without these waves ( mainly wave 3 ) a projection would not make sense.

Besides the Elliot waves, I am also inspired by another pattern for further rising prices, an ABC-D .
Since ABC have formed so far, we have as a starting point the correction C of AB with 88.2%.

This results in
A-C = 0.882

As a target determination for D we draw a Fibonacci retracement from B to C, and determine the following Fibonacci levels

100% ( Double Top ) 64.86 USD
127.8% 78.12 USD
144% 86.31 USD
161.8% 94.98 USD

At these points, counter-movements can occur, each measured from A or C to D, correcting to the following Fibonacci Levels:

23.6%
38.2%
61.8%
127.8%

Taking into account the Elliot waves, I would consider the following Fibonacci levels as maximum correction from D:

61.8%
78.6%
88.6%

For a complete analysis description please have a look at the superior Lucid Group analysis ;) You can find it here (click on the image )

If you liked this idea, I would appreciate a click on the Like button ;)
If you have any questions, suggestions or a different opinion, don't be afraid to use the comment function.

Thanks a lot

Disclaimer:
Please keep in mind that this is a pure analysis and only reflects what my eye shows me ;)
This analysis is for informational purposes only and is scientific in nature.
This analysis is not based on any fundamental data!
This analysis is not an investment advice and should not be considered as a buy, sell or hold signal.
Always do your own research before investing and seek the advice of a qualified person.
I am not an investment advisor or similar and do not make any investment recommendation here.

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