The Long Investor

$NIO TOP 20 UPDATE

Added 2023-06-09 16:00:57 +0000 UTC

We knew today would be eventful and it certainly delivered.

-4% in the PM and +10% after the opening and now flat for the day so far.

I struggled to get any Wifi coverage today but with every stock, we don't chase and if a stock jumps +10%, we look for a pull back for support, to see where it holds before entering.

Today saw a very aggressive rejection close to the previous high, which is the long term 0.88 Fib.

The count down remains but I think it will take longer now to complete this final Wave 5.

I could not be bullish on this bounce because of the 3 waves up after hitting $7. If we had 5 waves here, I'd have recommended a buy, an impulse wave can not start with 3 waves.

The pull back is justified, the earnings report was shocking for me, the margins decimated but the saving grace was that they expect production numbers to increase from June, as we expected.

So my long term plan remains the same, but I want to see this complete it's Subwaves down now.