$NIO could not make it up to the 50 WMA at $6 and is now clearly showing a rejection at the 200 Day MA.
Price has pulled back -7% today which is still not enough for Subwave 4 to be complete
This is also just one wave, we want to see 3 waves
So give this time to move down to the 0.38 Fib
As long as $NIO holds above its 50 Day MA, I am happy.