$NIO TOP 20 UPDATE - 2 CHARTS

Uploading two charts today because I want us to be ready for any potential reversals. One chart is for the 1hr chart and the other is for the daily.

I'll start with the daily, the MACD is the main indication to watch here, it is not showing signs of reversing but still trending downward, the RSI is slightly more flat but still trending towards that important 30 RSI point or below. On the chart itself, the trend has not flattened on the daily but just finished above the buy zone and performing well so far in the PM.

On the 1hr chart, it is showing a different story, yesterday's aggressive move down at the opening was a flush, where enormous selling pressure came in and dropped this all the way down to $7 exactly and then it held and bounced immediately, the recovery was strong....and sometimes we see these flushes or short term capitulation near the bottom of a trend, with that bounce and the PM now, it has recovered nearly 10%.

I am watching this very closely now, the PM has just brought this price up to the 50 Day MA at $7.75 or so, the 200 Day MA is just above and the 0.618 Fib line cuts exactly through the yellow trendline at $8.14. So the price action has a lot to do today if this is to reverse, 3 important resistance lines.

I have taken out the subwaves for now until we see how this bounce behaves, it is possible that it is still Subwave 2, as we said yesterday, the potential subwave 2 that I added was very short, however still valid. If it is still Subwave 2 and it rejects at the yellow trend line at the 0.618 Fib at $8.14, we can expect this to come down a lot further into the buy zone.

So this is what I'll be watching.

A reminder, we are still very early here, not many will be digesting $NIO at the same level of detail we are doing, so we are going to be earlier than 99% of the buyers here.

It is important to note that their earnings are still hanging over their head, where many are not expecting a good report....if this was behind them, there could be little in the way of a catalyst to stop this going higher.