Lets revisit Arcimoto and see what the Elliottwave analysis presents. When I previously analyzed this stock, I was expecting one final leg higher before a sizable correction took place. In summary, Arcimoto is an electric vehicle company headquartered in Eugene, Oregon. Arcimoto manufactures and sells the Fun Utility Vehicle, or FUV, a tandem two-seat, three-wheeled electric vehicle. They also sell van-variations on the design “Rapid Responder” for emergency services, and “Deliverator” for last-mile deliveries.
Lets take a look at the previous Elliottwave view done in December 2020:
As you can see, I was expecting a final peak to take place before a larger Red II correction. What I wasn’t expecting however, was a powerful extended wave ((5)) to take place. Sometimes wave 1s extend, sometimes 3s, and sometimes 5s. That is the nature of impulsive waves. Typically, wave 3 is the extended wave, but this is not always the case.
Lets take a look at the current view and see what the instrument ended up doing.
Arcimoto Elliottwave View July 2021
Medium term term view from the peak set in Feb 2021. It is currently favoured that the peak was a larger degree peak. After that, the correction in Red II unfolded in an ABC correction. The Red II low failed to reach the ideal 100% area. The depth of the 100% was too deep to be realistic before a larger reaction was bound to take place.
The reaction from the 7.27 low has enough momentum to signal the end to the cycle from the Feb 2021 peak. Currently, as long as the recent low at 7.27 remains intact, further upside is favoured to take place.