The Long Investor

$NIO UPDATE

Added 2023-07-26 09:20:22 +0000 UTC

Over the last few days the price action has gone to plan, a little bit faster than I expected but the momentum was there over the last few days with positive news flowing out of China too.

The price jumped to our Subwave 3 target at the opening yesterday and then pulled back, we knew that this was next and we should see Subwave 4 happening next.

Remember I have Wave 5 finishing at $14.72 by the second week of Sept, this will probably come forward a few days but the point is, that we should not be expecting $NIO to just go to $15 or $20 within a few trading sessions.

At $14 we will be 100% up on the bottom and that only came in at the start of June....it is still July.

I do not want to see any unstructured and parabolic moves here....as much as we like to see this with stocks we own, they are harmful to a count, the people who buy into these moves are not real holders, they want in and out and the structure breaks down then.

So we will expect a pull back shortly and I am watching for $11.50 as a potential support line.

What I do not want to see is a break down back into the bull flag or this going below the blue line.

Everything above that and I am happy with.

Overall, the trend is favouring the upside and the bulls are in control.