$NIO TOP 20 UPDATE
Added 2023-06-07 20:55:54 +0000 UTCPossibility 1 from yesterday's chart update has played out today so far, it really struggled to get above the $7.92 0.5FIB which was also the 200 Day MA and the only time it did get above, it stopped short of the previous high and the highest it could manage was $7.97 momentarily before rejecting.... the day ended down but not by a lot.
Tomorrow is the last trading day before earnings are released before the opening on Friday....I suspect some volatility today.
I think the uncertainty here is that people are expecting the earnings to be bad but also want to buy in anticipation for the reversal, we need to consider that this large decline over the last few months could be the anticipation of bad earnings this Friday and buyers are ready to step in very quickly.
The share price has dropped into the buy zone three times now and bounced very quickly out of it.
I am still not seeing an impulse wave here and the chart above is what I expect to happen, Subwave 2 may still not be complete as per yesterday's chart too.
Comments
Just planning for any possible situation - hypothetically, if this is similar to $PLTR where it hit the top of your buy zone and not the sub waves in the middle and/or bottom of the buy zone (so if $NIO does not re enter the buy zone) do you still plan to add or are you content with the ~20% purchased last week? For reference, your tweet of $PLTR on January 26.
Joey
2023-06-07 22:55:56 +0000 UTCAgreed all round. My sense is the April / May / drop was insider knowledge of the bad couple of months that’s just been had. Volatility inbound but if there is knowledge of a uptick in increased sales, it’s a dangerous time to play anything other than long term.
Kaspar Varmuza
2023-06-07 20:58:32 +0000 UTC
