$NIO TOP 20
Added 2024-01-02 12:28:27 +0000 UTCNo changes to our $NIO chart.
Wave 4 is still sitting on the Second Target level at $8.65.
The PM price has come down to the 50 Day MA on the 1 hr chart right now at $8.85, so this could offer support for the day too.
$NIO's December deliveries were a positive improvement on Novembers figures, so a pull back to our Wave 4 level before going higher for Wave 5 makes sense here to me.
My one concern here is the overlapping waves in our wave 3, this is typical at the start of an impulse wave, it is called an leading diagonal, meaning our wave 5 could have finished at the 2 Fib at $9.57, and we are getting our Wave 2 pull back now. This would mean a pull back to exactly our First Target which is also the 0.618 Fib at $8 and the 200 Day MA is moving up to this level too.
So the only thing we need to do is observe over the next few days if the First Target is not held, we wait for the Second Target to hold.
We do not need to do anything else here.
I may consider adding one last time if we reach the Second Target but apart from that, I am doing nothing else.
