The Long Investor

$NIO TOP 20

Added 2024-10-03 12:00:23 +0000 UTC

There is a lot of activity around the $7 level, apart from it being a whole number, we can see that it was a support level prior to December 2023, on the retest of this level in Jan 2024, the price could not hold and this started a 9 month decline.....so $7 is an important level.

But we want this level to not hold and pull back further

We can see clearly now that the 0.618 Fib at $5.20 is likely going to be a very strong confluence level, the 50 Day MA which moves a lot faster than the 200 Day MA is moving up to this level, the 200 Day MA is already there too.

This would be the ideal level for the price to pull back to, as is standard for any Wave 2 pull back, so it is not a surprise to see the 0.618 Fib as a strong confluence level right now.

Whether the bulls would allow this to happen is not confirmed right now

I did like to see that we did not make a higher high yesterday and now down -4% in the PM now, we want this to continue.....$NIO holders can be emotional but maybe they have learnt over the last 3 years but wounds may not have healed just yet, so trigger selling is still a possibility and it will allow the price to fall down to our confluence level at $5.20

But let's be on alert for support anywhere below $6.15