The Long Investor

$NIO TOP 20

Added 2024-10-15 09:43:11 +0000 UTC

I am calling this the Redemption Wave 2 pull back.

$NIO delayed us by a year last year because they did not execute on their delivery targets (macro influences were at play too and the EV sector suffered) and when $NIO ran from $7 to $16, it's pull back started but it could not hold at a higher low and $NIO broke down

Now $NIO has a chance to redeem itself.

The chart is moving as expected and the price is now below the 0.5 Fib at $5.66 in the PM, meaning the next support level is exactly on the 0.618 Fib at $5.18, which is:

The blue support line
The 200 Day MA
The 50 Day MA
and again, the 0.618 Fib

This is one of the strongest confluence levels you will see on a chart

So if $NIO can hold here, then the pull back is complete, if it does not hold here, then the impulse wave will break down, losing a strong support level like this will not be welcomed by the market

So the moment of judgement for $NIO is close now, a year of pain can be resolved by just holding on the $5.18 level.

I will have no issue adding $NIO at $5.18 and I will likely double my position here.