$NIO TOP 20
Added 2024-09-23 13:16:33 +0000 UTC$NIO is sitting on the 0.236 Fib in the PM now, after pulling back to the 0.38 Fib twice last week and holding, so testing the higher fib now and holding would give us a higher low.
It is also sitting in between the 0.236 Fib and the 200 Day MA, so the price is likely going to get squeezed here now and we can see that the blue support/resistance line cuts through this area now too
This significance of this is that if we get a break above the previous high at Wave 3, then we have our impulse wave, this is trend change and a high probability of an overall reversal here
Taking the 200 Day MA at $5.37 and turning it to support and I would expect Wave 5 to complete next.
