$NIO TOP 20 UPDATE
Added 2023-03-03 21:07:40 +0000 UTCOk a few mins to go but it looks like $NIO will finish just at $9.50 or slightly above.
$9.50 is important before it was a support line before this came down to make a new low. We spoke last night about the red channel, it did break out of that today and really rallied at the opening.
I drew Fib lines to see where would be a potential resistance line (as with impulse waves, we use Fib levels to see where pull backs expect to retrace to for Wave 2 and Wave 4, and 0.618-0.65 Fib is the most common place for a stock to pull back to) so for an corrective wave, we can use the 0.618-0.65 Fib in the opposite way and see where a Wave 2 or 4 can bounce to, before continuing its downward trend....and today, the bounce went exactly to the 0.618-0.65 Fib level and hit resistance, this is what we want to see from a corrective wave.
In short, I believe the trend is still downward and this was a relief bounce before going down further and the bounce was corrective in nature, it bounced with very little pull backs.
Eitherway, in both cases, this will likely come down and retest again, if it holds above the bottom at $8.31, we need to strongly consider that the bottom is in. If it does not, then the chart remains the same and we wait for the buy zone.
