The Long Investor

$NIO TOP 20

Added 2023-09-25 09:30:43 +0000 UTC

The PM has opened ugly and showing -3.4% right now.

I am showing a closer look at the chart here so we can see the subwaves of Wave 2.

We know we needed an ABC count for Wave 2 and that is what we are getting, it is all about finding where Wave 2 finds support now.

In this Wave C, I am seeing that 4 waves are present so far and we are likely in the final wave 5 or Wave C now, I have white circled an area in Wave C that is typical of what a wave 3 looks like, so the bounce we got on Friday was wave 4 and the drop today looks to be wave 5 of Wave C.

Only going below $7 would invalidate this count.

But we can see on the $AAPL chart too that the 0.887 Fib is the last line of defence and that is why bulls are battling on this line and that is about to happen with $NIO too, the 0.887 Fib is the battle zone at $8.04.

RSI is 27 right now for $NIO, so it is into oversold territory, it has pulled back extensively and Wave C looks nearly complete.....we are waiting for the recovery now.

I have shown over the weekend from the Top 20 Charts that this week ahead could be painful for a lot of stocks, so we need to brace ourselves for this, it is statistically the worst week of the year.....it will be difficult to see $NIO not feeling the pressure too.

Holding support would be the best outcome I think for this week at $8.04.