The Long Investor

$NIO TOP 20 - IMPULSE WAVE ADDED

Added 2023-06-16 10:28:00 +0000 UTC

Ok I have seen enough to believe that the price action here is favouring the bulls now, there has been relentless buying and strong support that I have not seen for a long time with $NIO, any slight dip is being bought up and this can mean that retails and institutions are eager to buy this. It is up over 35% since entering our buy zone and our first buy and it is up again in the PM.

The strong aggressive move we are in now is likely Subwave 3 as the move is quite distinct and vertical, yesterday the price action topped out at the 2.618 Fib level, a lot further than the typical 1.618 Fib we see for Subwave 3, this could go as far as 3 Fib or further before pulling back for Subwave 4 but what I have counted above is the most realistic route for these subwaves.....and then we get our 3 corrective waves, which are are part of the overall impulse wave.

These 3 corrective waves is Wave 2. This is the area I will be adding more.

I will also consider buying at Subwave 4 if the price action pulls back to $9.29.

I bought at $7.20 and buying again at $9.29 will bring my average to $8.25 for 50% of my Nio allocation, I will be happy with this.

Wave 2 completing should bring the price action to $8.50 again and this will also maintain my average within the $8.40 range. Also something I will be happy with.

Is the buy zone completely ruled out now?....I can't say for definite, if the price goes above $10.76 and makes a new high, I think that is confirmation that the bottom is in.....buyers have certainly stepped in and positive news from China has really helped here too.