Almost there

The whole tech market has shown a major bearish movement due to a couple of reasons such as: healthy and needed pullbacks, the effect of printing money, and the semiconductor shortage. However, as mentioned in "Technical Analysis of the Financial Markets" by John J. Murphy, market action discounts everything. And from what I am seeing from NIO's chart (market action), it is experiencing a significant support level at the 50% retracement, and a double bottom. These are clear indications that there may be a trend reversal. However, we need Nio to close above the $40.50 level to take this theory seriously. I see NIO going to a sideways trend for a few weeks before it starts taking off, which it will because come on guys it's NIO, their fundamental analysis is very promising. Anyways, this is not financial advice it's just what I see happening.