$NIO TOP 20
Added 2023-08-21 10:08:46 +0000 UTCOn Friday it was showing red across the market in the PM and with $XPEV missing on earnings and $TSLA continuing its decline, it was going to be a difficult day for the industry, coupled with more concerns from China.
So we planned our levels to watch for. $10.50 is the 0.618 Fib and $10.20 was both the 0.65 Fib, the 200 Day MA and the yellow trend line....we said that $10.20 needed to hold or the structure would be invalid.
The price pulled back to $10.62 and held and today in the PM we are seeing some green, a positive welcome and this is certainly due a bounce. We will see how this bounce develops during the week....China reduced the interest rate on 1 year's today, the market was expecting the 5 year to be cut too....but China never rushes anything, I suspect this will be next in due course, lowering the rates too fast could also damage the banking system, so I believe there is a balancing act being played here.
Either way it is a step in the right direction.
Comments
And the level of the corrective wave pull back after the current impulse wave? Around $10-11 again?
Stefan Baumgarthen
2023-08-21 12:07:10 +0000 UTCA pull back to around the 0.5 Fib which will be around $18.
Gareth Neary
2023-08-21 11:45:03 +0000 UTCGareth, what kind of pull back are we expecting after it reaches the 30s EOY?
Nick Jack
2023-08-21 11:38:47 +0000 UTC
