The Long Investor

$NIO TOP 20

Added 2023-08-30 09:46:47 +0000 UTC

Yesterday was a wild day, with a pretty rough earnings report and opening with -14% down, it recovered almost all losses for the day at finished 1.18% down.....even going 0.90% green in the AH's trading.

Todays PM is a bit more sobering and down nearly -4% so far in the PM.

We did not hold the $10.20 200 Day MA yest at the opening and it dropped as low as $9.46 and although it recovered this level nicely, it means that the Subwave 4 count is now invalidated as it infringed on Subwave 2. So that leaves us with this pull back since $16 as being Wave 2, as shown above.

So in Wave 2, we need to see an ABC count, yesterdays bounce could qualify as a Wave B bounce and today in the PM, we are seeing more downside.

So what we are looking for now is for $NIO to hold one of the important Fib levels at:

0.618 Fib at $10.49
0.65 Fib at $10.20

0.78 Fib at $8.96.

If one of these levels can hold, we will have Wave 2 complete then.

I have added in the 5 waves now until the end of the year and we can see that as always, Wave 3 will go to the 1.618 Fib and Wave 5 is put at the 2 Fib, like every chart I draw and this is at $28.15 right now. Following this count and I will be happy.