So here's a look at NIO after its run up and ATH in Jan.
The larger degree impulse from about $2 to $67 has a golden zone retrace between $16 and $27 (in orange), and a late august to mid oct resistance-turned-support at around $20 (red dashed line).
If we map out the correction from the Jan high, we get a really clean count with NIO currently being in a ABCDE triangle formation in the downward W4.
An equal legs target of W1 (yellow arrow) leads us to the larger 0.618 retracement at $27 and an equal legs target of W3 (white arrow) leads us just past the 0.786 retracement at $16.15 as well as the -0.5 extension of the current wave 4 at $15.49.
Our previous support/resistance levels lands exactly in the middle at around the $20 mark which is also the -0.382 extension of wave 4.
If NIO can't get above $39, then we are headed to anywhere between $27 and $20, with a deep retrace around $15 (altho this is unlikely imo)
I should note that we are currently hovering above the 200 MA at about $35, and a daily close below that would signal a sell off. The 35-39 zone is crucial here to see which way we go. Right now my money is on a further correction, as the 5 wave down move is not yet complete.
The larger degree impulse from about $2 to $67 has a golden zone retrace between $16 and $27 (in orange), and a late august to mid oct resistance-turned-support at around $20 (red dashed line).
If we map out the correction from the Jan high, we get a really clean count with NIO currently being in a ABCDE triangle formation in the downward W4.
An equal legs target of W1 (yellow arrow) leads us to the larger 0.618 retracement at $27 and an equal legs target of W3 (white arrow) leads us just past the 0.786 retracement at $16.15 as well as the -0.5 extension of the current wave 4 at $15.49.
Our previous support/resistance levels lands exactly in the middle at around the $20 mark which is also the -0.382 extension of wave 4.
If NIO can't get above $39, then we are headed to anywhere between $27 and $20, with a deep retrace around $15 (altho this is unlikely imo)
I should note that we are currently hovering above the 200 MA at about $35, and a daily close below that would signal a sell off. The 35-39 zone is crucial here to see which way we go. Right now my money is on a further correction, as the 5 wave down move is not yet complete.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.