$NIO TOP 20
Added 2023-06-18 21:38:22 +0000 UTCOn Friday morning I uploaded $NIO showing that we will likely see a pull back and where it finds support next will tell us all we need to know.
I said that I was impressed with the steady and strong buying during the week and we need to strongly consider that the bottom is in at $7.
The pull back has started and so far has not gone below the Subwave 4 spot yet at $9.29
China and the US held constructive talks over the weekend, so this may help Chinese listed stocks at the opening on Tuesday too, we are rooting for $BABA to benefit from this.
The same plan from Friday morning is still relevant here, if it can hold $9.29, then I believe this will go higher to complete Wave 5 at the blue line at $10.74.
Then we can expect the 3 corrective waves next, I expect this to pull back then to between $8.44 and $8.88, this would be the ideal position to pull back to and add 30% of our $NIO allocation here.
What a lot of people here want to see is that $NIO does not hold the $9.29 Fib level for Subwave 4 and this moves down aggressively, if this is the case, we can expect a new low again and my Wave 5 in red has remained on the chart.
A number of negative articles have been released since $NIO's earnings and they have so far had little effect on the price action....after the dust settles over this long weekend, maybe the market has had time to digest more information, this would not be a surprise.
