$NIO TOP 20
Added 2023-09-27 11:10:13 +0000 UTCThat is two days in a row where $NIO hit the $7.93 level exactly and bounced, we spoke in the Telegram group yesterday about whether or not this is considered a test of the 0.887 Fib and we can see on the chart on the 1hr here that it certainly looks like it.
So we are seeing a test and hold but no significant bounces yet, I am encouraged by the 0.887 Fib holding support but we could see on the $AAPL chart that it held the 0.887 Fib 4 times (without making any significant bounces) and then broke down from the 0.887 Fib yesterday.....so let's wait to see a bounce and a clear trend to the upside before we get excited.
PM is showing green today and that generally follows after a brutal day in the market and yesterday was certainly a difficult day, with many stocks losing critical support levels as we anticipated.
We are halfway through this week, with a number of economic indicator announcements still to go and Powell still needs to speak tomorrow too.....so I do not believe the rollercoaster is finished just yet.
It is tempting to jump into stocks today but I am in no rush, I want to see higher highs and strength, that is not shown yet.
