$NIO TOP 20 UPDATE
Added 2023-06-15 11:55:59 +0000 UTC$NIO traded within a tight range again yesterday, it did not get up to our $9.29 target but also did not get below the $8.80 level at the .887 Fib Level.....yesterday was a volatile day for the market but $NIO kept within its tight range, there may be a fight happening between the bulls and bears.
$NIO is down in the PM, like the majority of stocks but other Chinese stocks are doing quite well, I believe $BABA's set up right now is a lot stronger than $NIO's and that is why I bought more $BABA yesterday.
The plan here remains the same, I am still favouring the count as shown but if this is Subwave 1 of an impulse wave since hitting $7, even though the chart is showing me it is not, but if it is, we need to see a pull back for Subwave 2. I have set the Fib levels from $9.29 and $7 and the 0.618 Fib is at $7.88 and the 0.5 Fib is at $8.15.....so we are watching between $7.88 - $8.15 for Subwave 2 to complete.
If this can pull back to these levels and hold comfortably here, we can see that the 200 Day MA is around these levels now too, this could be an area to add again, 20%-30% of your $NIO allocation.
The RSI on the 1HR chart has started to pull back since hitting the oversold territory and we can see that everytime it has done this on the chart, it has pulled back substantially.
Let's see more price action today and see if we can see more signs of its potential trend, for me, the plan remains the same, I will be targeting Subwave 2 if it can hold, if not, I will be buying when it completes the chart as shown.
