$NIO TOP 20
Added 2024-10-07 09:54:53 +0000 UTC$NIO is up in the PM right now after another positive start to the week from the HSI as the market awaits the Fiscal measures that will be announced tomorrow.
I have added both charts we have been following for $NIO, with the 0.38 Fib at $6.15 being the important level to hold
Right now we have 3 waves since pulling back from $7.71, so technically a pull back is valid.....but it is short both in terms of how deep it was - not going as far as the 0.38 Fib and how quickly the pull back so far has taken
So if we need to make a call on this, I believe there is more of a pull back needed, especially when the other Chinese ADRs have yet to pull back significantly and we know that is due.
My mind may change if I see the $7 level converted to support but right now I don't feel the urge to buy here
$NIO also did this to us in August last year, we entered on the pull back, we were too early, level didn't hold and it continued to decline for 12 months......I would rather do anything else than be caught doing this twice!!
$6.14 is the level I will watch for support.....otherwise, we need more price action.
