$NIO TOP 20
Added 2023-08-17 12:03:25 +0000 UTC$NIO was testing the trend line last night into the close and we can see in the PM now that it has broken out and receiving a much needed bounce.
We are in a situation now where Wave 4 is valid and the possibility that this could be a bounce and pull back lower to complete Wave C, which would complete its Wave 2 count (this is not on the chart, so not to confuse things)
So we will monitor this bounce and see how it deals with the 50 and 200 Day MA above, then at the blue lines at $13.22 and $14, any rejections here and I expect this to come down again, as low as the yellow line.....and this will be $NIO completing its ABC corrective wave that we were anticipating after Wave 5....to be clear, this is not a bad situation to be in, it means that $NIO is going into Wave 3 next sooner and this could move up for the remaining part of the year.
Positives:
- Held above the 50 Day MA on the weekly chart
- Held above the 50 and 200 Day MA on the daily chart
- 50 Day MA has crossed through the 200 Day MA on the daily chart, bullish trend.
- RSI is at 41 now on the daily, a lot of upside potential available.
- Impulse wave remains valid.
- EOY PT remains
Comments
At 11 now
makis
2023-08-18 10:54:32 +0000 UTC11$ right now
makis
2023-08-18 10:54:19 +0000 UTCEarnings might make it come even lower
Raj Badola
2023-08-18 04:41:26 +0000 UTCMarket correction is not yet over. I believe NIO will touch around $10.15 before moving up
Gopal
2023-08-17 14:53:44 +0000 UTCC'mon wave 3
Labo
2023-08-17 14:04:36 +0000 UTCSo confusing
bill
2023-08-17 13:24:14 +0000 UTCThank you Captain. May i add one more item to the positives? There is a bullish RSI divergence on daily chart.
Eko
2023-08-17 13:10:55 +0000 UTCFor now, we go as the count shown, that we are in Wave 4…..as said above, if it rejects at any of the levels I have mentioned THEN we can expect it to be an ABC correction.
Gareth Neary
2023-08-17 13:05:44 +0000 UTCFor the first time your note has confused me. Are we in Wave 4 of 5 Impulse Waves? Are we in Wave 2 of 5 Impulse Waves? Are we in Wave C of ABC Correction Wave? I get that any of the above scenarios are good as the next wave will be positive, Wave 5 or Wave 3 or a new Wave 1.
Kevin J
2023-08-17 13:03:22 +0000 UTCThanx Captain
bas pennartz
2023-08-17 12:05:40 +0000 UTC
