Li Auto - finishing an ABC corrective move
Updated
Li auto is likely nearing the end of a corrective ABC move and is currently a wave 4 in wave C. Wave 5 of C should ideally take price to the $21.50 level which is the 0.618 retracement of the move up from the Oct 2022 lows.
Should price reverse from here it is likely that the correction took the form of a WXY move where wave Y has 3 waves, instead of an ABC move where wave C has 5 waves.
Should price reverse from here it is likely that the correction took the form of a WXY move where wave Y has 3 waves, instead of an ABC move where wave C has 5 waves.
Note
Looks like the correction was indeed completed on 22 JanNote
Scratch that. Price has now come down to the 0.618 zone. Time to watch for a rebound from here
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