$NIO TOP 20
Added 2024-09-08 16:34:48 +0000 UTC$NIO had a week to remember and is currently up +33% for the month, a very different story compared to the US market right now.
We have been waiting for a long time for a breakout of the channel and to get above the 50 Day MA and when it happened, it exploded higher.
Price went straight through the extended green Fib levels for Wave 3 and it looks like the price action will either test the blue line at $5.32 or the 200 Day MA just slightly higher, so I have added in the white fib levels to represent a test of the blue line and then a pull back, we want this pull back to be Subwave 4 and this can only be confirmed when either the 0.38 or 0.5 Fib levels are held between $4.50 and $4.69.
This potential impulse count only has 3 waves so far and we know we need 5, so it is absolutely crucial that we see a hold above the 50 Day MA so the price action does not infringe upon Subwave 1
We will watch closely all week
Above the 200 Day MA is certainly a bullish significance and we want the price to eventually hold above this level but for now, a movement in an impulse wave is all we need to see.
