$NIO TOP 20

Nothing has changed to this chart.

It is the same chart we have been looking at for the last few weeks.

I have explained this chart in lengthy detail every day, so that everyone has been prepared and prepared for the best and worst.

The price went below the 0.78 Fib at $8.97 yesterday which was disappointing, the next Fib to watch for support is at $8.04 at the 0.887 Fib.

Price action looks for support on Fib levels if it can not be found on Moving Averages on the 1hr or Daily chart, so this can have no issue coming down to the $8.04 level now.

That being said, I can see 3 ABC waves now in this Wave 2 and so this can reverse at any stage.

RSI is now at 30 too which means it is at the start of the oversold territory.

Nice movement in the PM today too which is showing that bulls want to get this back to the 0.78 Fib at $8.97 again.

My targets and EOY projection remains the same.....nothing about yesterday was abnormal. 

I interpret charts how I see them, it does not mean I control this companies share price.

I believed we were in Wave 4 when we got a pull back at the start of August and that is why I bought a small bit at $14.10, this turned out to be not true and the pull back was quite aggressive, meaning the pull back was likely Wave 2 which we are in now....let me be clear, Wave 2 was going to happen regardless, coming in sooner than expected is not a bad thing...this has been lost on a number of people, a very small amount to be fair.

I remember when this ran aggressively from $7 in the buy zone and I had to tolerate people upset that they didn't get to buy more at a cheaper price.

In spite of all of this, I keep to my strategy and I add when there is aggressive pull backs in companies I want to hold long term.

If this is not your strategy, that is no problem, use my charts as you so wish.