The Long Investor

$NIO TOP 20

Added 2023-08-22 11:51:10 +0000 UTC

I have added the 1hr and Daily chart today.

The main chart is the 1hr chart which we have been working off.

Yesterday the price came down to $10.54 and held and bounced. We have the 0.618 Fib at $10.50 so this is regarded a test of support and has performed very well since hitting this level....up now +5% in the PM.

Registration number came in today at 4100 today which is an improvement on last week and also reaffirms that $NIO has turned a corner since June and numbers are indeed starting to rack up.

$NIO price is just at the 0.5 Fib in the PM now at $11.58, converting this to a support level is also quite bullish and this should get the price about the 50 Day MA on the 1hr chart again.

The reason I uploaded the daily chart is to show:

1. $NIO has held above the 200 Day MA ($10.20) and did not get close to testing it.

2. $NIO PM brings the price back above the 50 Day MA on the daily chart again

So two positive indications.

Remember if this is Wave 5 now, as shown from my chart, we will have an ABC correction next after reaching Wave 5.

It would not be a bad scenario if the pull back we have experienced since $16.20 has been the start of the ABC correction, it would mean we are half way through this correction now already.

Eitherway, the main thing is, $NIO is moving in the right direction and this is an impulse wave since hitting the lows at $7.