$NIO TOP 20
Added 2023-03-21 21:25:38 +0000 UTCOk the top chart is the chart we use daily for updates and the bottom chart is a shorter time insert of our 5 year long term chart.
Let's start with the top chart, into an ascending wedge and stopped at the 200 Day MA and at the 0.78 Fib level, on the 5 min chart, it actually finished outside the wedge but only very little. So let's plan that it is still in the wedge. RSI on the 1hr chart is showing well into the oversold territory and starting to turn down.
The bottom chart, the chart I have uploaded in October, I have added the Subwaves of Wave 5 for clarity, we can see on the daily that it did not break out of the trend line which has been in place since December 2020. I have marked with an White oval on the chart, this clean, distinct trend down with very little bounces is typical of a Wave 3, in this case a subwave 3, so I am still lead to believe that this is Subwave 4 of 5 we are watching now, with Subwave 5 still to complete.
Conclusion, we did not break above the $9.50 target we spoke about yesterday which coincidentally would be the long trend resistance line, RSI is looking oversold and tomorrow is expected to be another important day.
IF this is the start of the impulse wave, it will likely retest the long trend line if it breaks out and if we are happy that it holds after a retest, this is where I will be entering but I have not considered entering at all while it is still below strong resistance lines.
