Let’s go back to Arcimoto and look at what the Elliottwave analysis has to say. When I first looked at this stock, I predicted one more run higher before a significant correction. In summary, Arcimoto is a Eugene, Oregon-based electric vehicle manufacturer. The Fun Utility Vehicle, or FUV, is a tandem two-seat, three-wheeled electric vehicle manufactured and sold by Arcimoto. They also offer “Rapid Responder” vans for emergency services and “Deliverator” vans for last-mile deliveries.
Let’s take a look at the last Elliottwave analysis, which was completed in December 2020:
As you can see, I was anticipating a final peak before a more significant Red II correction. What I didn’t anticipate was the occurrence of a powerful protracted wave ((5)). Wave 1s, 3s, and 5s all extend at different times. Impulsive waves are impulsive by nature. Wave 3 is usually the longest, but this isn’t always the case.
Let’s take a look at the current state of the instrument and see what it did.
From the high in February 2021, a medium-term perspective. The prevailing consensus is that the peak was of a higher degree. After then, Red II’s correction took the form of an ABC correction. The ideal 100 percent area was missed by the Red II low. The depth of the 100 percent was far too great to be credible without causing a larger reaction.
The reaction from the low of 7.27 has enough oomph to signify the conclusion of the cycle from the peak of February 2021. Further upside is still expected as long as the recent low of 7.27 holds./n
