The Long Investor

$NIO TOP 20

Added 2023-11-13 11:34:35 +0000 UTC

I haven't uploaded a longer time frame chart of $NIO in awhile because it is not clear if we have reached the bottom at $7 yet, this week $NIO is very close to testing the $7 June low and any bad sentiment in the market could bring this down.....especially if $TSLA breaks down after getting rejected from the 200 Day MA last week.

So I can only chart with the scenario we are in now.

Since the impulse wave is still valid because the $7 low has not been lost, we can draw the 1.618 Fib, assuming that Wave 1 topped out at $16 and Wave 2 is complete now, just above $7.

The 1.618 Fib is at $21.95 for Wave 3 and Wave 5 is at $27.96.

I do not get to decide where the Wave 3 target is, it is always set at the 1.618 Fib.

$NIO I believe needs a good earnings with no surprises and a better delivery rate than in Sept and October for this to move within the time frame I have shown.

That being said, I don't care how long it takes, as long as its moving in the right direction, in an impulse wave.

We need to get out of this danger zone close to $7 because if that low is lost, there is a real possibility that this could come down to the $5's which is the bottom of the buy zone.

I am holding regardless and it makes no difference to me but I think a lot of people will struggle seeing $NIO down at this level.