$NIO TOP 20 UPDATE
Added 2023-07-06 09:31:49 +0000 UTCI have added the 1hr chart and the daily chart here.
The daily chart is just to show where the 200 Day MA is (moving yellow line) and so far it is acting as a resistance level and not allowing the price action to reach our Wave 5 target of $10.74, this is perfectly fine, as long as a new high was made above Wave 3 and and we can see 5 subwaves in Wave 5, both of these have happened.
We can also see on the daily chart that the 50 Day MA (moving blue line) was also a support level, so the price action right now is between the 200 and 50 Day MA, effectively being used as support and resistance levels, this is a good sign for us, as we can determine that a break out of this range will confirm the trend and likewise, it can also show us where the pull back could go to as well.
So the plan remains the same here, we believe that $NIO is completing Wave 5 now and will pull back in 3 corrective waves next, it may test the 200 Day MA again or go to $10.74 before pulling back and the entry point for me will be at the 0.618 Fib on the pull back, which is at $8.44.
