The Long Investor

$NIO TOP 20

Added 2023-09-29 11:32:57 +0000 UTC

Another interesting day yesterday for $NIO. On Monday, there was a rumour falsely shared that $NIO would need $3 Billion and then yesterday, a 3 week old rumour surfaced again about a potential partnership with Mercedes...and this was shared by a number of reputable outlets too.

We will treat rumours as they are, rumours until verified....but it is safe to say we prefer the second rumour to the one released on Monday!

I added yesterday, when we made a higher high at $8.60, I consistently talk about managing my average with $NIO and although I bought at $14, it was a small amount and I have doubled my position in $NIO this week and at break even point now in the PM.

This makes very little difference to me, as my strategy has been straightforward, add on any significant dips and hold for long term.

I am likely finished buying $NIO for now.

So the big question, have we started moving up for Wave 3 now?

We have hit a double bottom on the 0.887 Fib, we have made a higher higher, above the 50 Day MA on the 1hr chart and the PM is looking strong so far, the price action is starting to round out along our Cup formation too as we expected so it is following the natural movement.

These are good indications to start a reversal, we are only 1 day into this so it would not be professional of me to say that Wave 2 is complete now and yes for certain we are in Wave 3, we need to see more of these positive moves.

I have added, so I like where things are but this is $NIO and it is the great humbler, so I do not suggest ever going all in on one stock, $NIO is around 20% of my total holdings.