$NIO TOP 20
Added 2023-11-07 12:06:19 +0000 UTCTwo things I said yesterday, I want to see a retest of the wedge breakout again or I would like to see the price test the 50 Day MA at $9.
We didn't get the latter, so we are happy to see a potential retest of the wedge line.
Looking at the chart here now, is this anything that should be concerning you from the price action since bouncing out of the buy zone?
No.
Price moved up in 5 small waves and has started moving back down, and we expect it to move in 3 waves....where is the 50 Day MA right now?.....exactly at the 0.618 Fib at $7.68 and the 50 Day MA is exactly there too and this is right at the wedge trend line too....so this is a confluence level.
Is there any part of this that does not look normal right now?
No.
The only time we should be concerned is if the price does not hold above the wedge, if it doesn't hold, then it is back down into the buy zone again.
