The Long Investor

$NIO TOP 20

Added 2023-08-11 09:22:47 +0000 UTC

Fought all day yesterday to stay above the 1 Fib and the Blue line and although it ended the day on the lines, it is struggling now in the PM.....we know that the PM means nothing until the market is opened but lets look at what the possibilities are.

$NIO is in a very strict descending flag and although it is not nice to see something move downwards, this is a bullish formation, in line with what you would expect with a Wave 4.

The issue now is where this is going to find support and reverse.

The next important Fib below the 1 Fib is the 0.618 Fib at $12.10, which we can see is exactly at the 200 Day MA on the 1hr chart.

This is a level we need to be comfortable with, Wave 4 is valid as long as it does not impede on the Wave 2 area, and we can see that Wave 2 topped out at $10.20.

So we can use the top yellow yellow line across the screen as a reference point for this structure to remain in the impulse count.

I am not seeing a break down of the impulse structure

I am not seeing any aggressive moves down to show weakness to the impulse structure

I am seeing a Wave 4 pulling back trying to find support, this is not concerning me.

We can see that Wave 2 finished on the 200 Day Ma on the 23rd of June, it is also possible that Wave 4 can finish on this line too and find support.