$NIO TOP 20
Added 2024-09-30 09:45:12 +0000 UTC$NIO is soaring in the PM now on the double news boost from the $2 Billion investment partnership and the further pump in the HSI today, as Chinese policy makers continue to release more stimulus measures.
$7 was the cut off point for me for Wave 5 as this was a strong resistance/support level in late 2023 but the PM action has burst through this level now.....whether it holds above this level when the market opens is a big question
The HSI is closed tomorrow and Shanghai trading is now closed for the rest of the week, so the US market may set its own agenda for $NIO today.
This bounce is still Subwave 5 for me and it is now extended, even beyond the impressive run it had on Friday too
The 1.618 Fib is at $8.13....this is possible but we really want to see a pull back next, $NIO parabolic has historically caused more damage than good, so a pull back this week to the 200 Day MA is what I want to see or over the next 2 weeks.
Comments
Yes, the Fib levels reflect the previous high and previous low, so they are proportionate to them
Gareth Neary
2024-09-30 13:38:56 +0000 UTCGareth, see because the chart is extended does this then change the levels for the ABC correction?
Nick
2024-09-30 13:35:00 +0000 UTCUnless we get a rejection, it is just aimlessly putting Fib levels up....so that's why I think the 200 Day MA will be the ideal level to pull back to, we need more information today
Gareth Neary
2024-09-30 12:27:20 +0000 UTCHy Gar. You do not put the pullback levels , for abc of wave2. Is that because you believe in continuation of wave 1 (subwave5) ?. Thanks 👍
Alex
2024-09-30 12:06:32 +0000 UTCThanks agreed question was more how you view these situations
Stanley
2024-09-30 10:23:33 +0000 UTC5.32 on the chart… will come up some but I would love any price below 6.. I have entered a short position at PM open. I am scared but prepared to cut it should it run beyond 7.70
Bosher!
2024-09-30 10:09:25 +0000 UTC@ what price point is the 200day MA at?
YuseeMo
2024-09-30 09:55:33 +0000 UTCYou need to make that decision Stanley, it looked extended on Friday too and now up another +13%
Gareth Neary
2024-09-30 09:50:30 +0000 UTCDo you hold or take profits
Stanley
2024-09-30 09:47:03 +0000 UTC
