The Long Investor

$NIO TOP 20

Added 2023-08-07 11:16:32 +0000 UTC

Everything has been moving in the right direction here and with the volatility and uncertainty in the US market last week, $NIO survived untouched and showed no weakness, making higher highs and higher lows and being a strong hedge against a wobbly US market.

In the last update we said that we believed Subwave 4 of Wave 3 is complete and when we got a new high this confirmed that thought.

I have marked Wave 2 with a white ellipse and the length and angle for Wave 2 is normally what we can expect to see for Wave 4, so I have added in the second projected ellipse, we can see that it is in line with our Wave 4 projection and comes down to just above the 1.27 Fib.

Remember, this is only the ideal level where we want Wave 4 to pull back to. There are lower Fib levels below this that could offer equal amount of support too. In fact, Wave 4 can pull back all the way down to the blue line and this impulse wave would still be valid as it will still not infringe on Wave 2.

I don't see this happening but we like covering all eventualities here in TLI HQ.

The PM today is looking good, however, I already see 5 waves in Subwave 5 of Wave 3 so it could be complete now and we could be in Wave B of Wave 4 now with this bounce in the PM.

I am not triggered to buy here until I see a notable pull back, I do not like buying at the top of any wave 3's.

The end of Wave 4 and Wave 2 is the sweet spot for me and we will plan what to do when Wave 5 completes then.