$NIO TOP 20
Added 2024-10-22 10:12:09 +0000 UTCWe are still holding at the confluence level and holding this level since Thursday now. There was another test of the 0.65 Fib at $5.05 yesterday too and held.
It is still not clear that this level will definitely hold but there is some sideways movement, meaning buyers are stepping in at this important level.
What we don't need now is some unwanted news that puts pressure on the sector and flushes this down.......and we do have $TSLA's earnings tomorrow after the close unfortunately.
If $TSLA disappoints, it may not be helpful here and we get a flush down to the 0.78 Fib at $4.50, which will likely bring the RSI down to 30 then as it is currently at 38 on the daily now.
No support level is a guarantee so we must be prepared for all eventualities
If the $5.05 level holds then we can expect it to move higher next to the Wave 3 target at the 1.618 Fib at $11.80
