The Long Investor

$NIO TOP 20 UPDATE

Added 2023-08-02 11:33:51 +0000 UTC

OK we expected a pull back and it has already started since yesterday. No surprises here.

The PM is showing -4.5% already so it may be pulling back a slight bit more than we wanted but this is still valid.

The White Fib levels are showing where the support levels are for this subwave 4 count, so we expect this to hold either at $14.11 at the 1.27 Fib, which is also the level we showed on yesterday chart....or the 1 Fib at $13.28. I have added in the 1 Fib because of the aggressive PM movement.

That is really the only difference for today, we are still in an uptrend and I can see this impulse wave working its way through the subwaves and the 50 Day MA is coming up as a possible support level on the 1hr chart here.

Contingency plan:
If $NIO has a rotten red day and sellers decide to lose their marbles and we see double digit declines (not what I am expecting but let's have a plan)
The GREEN Fib levels at 1.27 at $12.34 and the 1 $11.49 will be our final support lines. The price needs to stay above $11.49 to keep the impulse wave valid.

If the price can get anywhere near these two levels $12.34 - $11.49, I will be adding aggressively here.

The chart above is the 1hr chart but remember, on the daily chart, the 50 Day MA is very close to crossing through the 200 Day MA, this is a golden cross and a bullish indication, confirming the bullish trend. Unless something drastically happens, nothing is going to stop that 50 Day crossing the 200 Day MA now.