$NIO TOP 20

Yesterday was the first day I felt that $NIO was at risk of losing its formation and support levels and it finished -7% down for the day, likely on the anticipation that $TSLA would report bad earnings and when there was already a worry that their margins were getting tight, $TSLA then reduced their prices again and margins have decreased again......I think long term this will benefit $TSLA as it is hurting all other EV's and legacy carriers.

$NIO, $XPEV and $RIVN really felt this pressure yesterday. $XPEV is still trying to maintain its structure but $NIO was already on a knife edge and did not need to this blow, it is in difficult position now.

$NIO has only one more chance now to save its impulse structure, it must hold at or above $7 or this is going deep into the buy zone again.

$NIO has not been selling well in Europe, they have missed on their monthly targets and their earnings in Sept was simply abysmal. 

Not me or anyone who constructs charts can do anything about that.

We were told by June that $NIO would turn this around and the market believed them, that is why from the 1st of June, the share price went from $7 to $16 in 2 months.

The market gave $NIO the benefit of the doubt but they have not been delivering.

Charts will only remain valid when the company performs as they said they would to the market.

So this is how I see this going:

It has two possibilities:

1) It holds above $7 and that is Wave C of Wave 2 complete and it bounces. (I have Wave C and Wave 2 on the middle blue line to show that.)

or

2.) The price does not hold $7 and moves down to Red Wave 5 at $6.50, meaning we were still in the large Corrective Wave for the last 2 years.

My only plan is to add in the buy zone again if it gets there. Otherwise, I will continue with my life like a normal person and continue to focus on the other 80% of my portfolio.

My plan was always to hold this long term, unrealised losses are the same as unrealised gains. It is only a loss when you sell.