The Long Investor

$NIO TOP 20

Added 2023-08-18 11:27:34 +0000 UTC

If that was the relief bounce we were expecting from $NIO yesterday, it was very short and short lived, nevertheless, it was a break against the trend and Wave 4 could be completing its 3rd wave now.

We can see on the hourly chart above that $NIO hit the 200 Day MA from below at $12.40 and rejected yesterday, this was a flash bounce and rejection.

Moving down now and having a difficult time in the PM, likely from the news that domestic real estate continues to be in trouble and Evergrade had to file for bankruptcy in the US yesterday.

So very little in terms of a relief bounce and now we are watching for it to go down further.

The 50 Day MA on the daily chart is at $11.05 - this is now lost in the PM

The 200 Day MA on the daily is at the yellow trend line at $10.20

The 0.618 Fib is at $10.50.

I am watching for the $10.20 level, like I said during the week, a failure to hold this level and the impulse wave is invalid then, so this level must hold.