Workhorse has had a great 2020 off the March low. With the stock price running from 1.31 to a high of 22.90, the momentum has been strong. They are a zero emissions vehicle manufacturer, using hydrogen cell technology. Lets take a look at the company profile below:
“Workhorse Group Incorporated is an American manufacturing company based in Cincinnati, Ohio, currently focused on manufacturing electrically powered delivery and utility vehicles.
The company was founded in 1998 by investors who took over the production of General Motors’ P30/P32 series stepvan and motorhome chassis. By 2005, they were taken over by Navistar International, which had been selling them diesel engines. Navistar then shuttered the plant in 2012 to cut costs after having suffered heavy losses.
In March 2015, AMP Electric Vehicles took over Workhorse Custom Chassis. Changing the company name to Workhorse Group Incorporated, and began offering a range of electrically powered delivery vans.”
The chart is acting fairly clean, lets take a look at the Daily View below.
Workhorse Daily Elliottwave View:
Looking at a Medium term term view from the March lows where Wave ((2)) bottomed at 1.31. After that low took place, the chart shows an incomplete bullish sequence. Wave ((1)) and ((2)) are set, with ((3)) recently peaked in July and ((4)) looking to move lower, before heading higher.
From the March low where ((2)) is set, a very impulsive rally took place. Blue (1) topped on May 5/20 @ 3.43, blue (2) bottomed on May 14/20 @ 2.27. After that, price exploded to the upside with Blue (3) topping at 20.00 on June 30/20, and (4) bottoming at 13.65 July 1/20. From there, wave (5) of ((3)) was set on July 2/20 at 22.90 all time high. After that, wave ((4)) is currently underway taking shape as a double correction structure.
An equal leg extreme blue box at 10.05 is an area where buyers may enter for a bounce in 3 waves at least. This is where ((4)) is currently forecast to complete.
In conclusion, Workhorse is favoured to advance higher in a ((5)) of Red I before a larger degree correction can take place. Considering the incomplete bullish sequence, one more high at least, is favoured to take place to complete the bullish structure.