$NIO TOP 20 UPDATE
Added 2023-05-23 22:05:00 +0000 UTCShort update because the day ended flat but slightly negative. The 0.38 Fib level at $8.78 is an Fib extension of Wave 1 and 2, I use this technique to find Wave 3, Wave 4 and Wave 5. So far the price has held under the 0.38 Fib level. I am watching how the price action moved today and how it behaved as we approached the top at Wave 2 too and I have white circles at both of these positions on the chart, we can see that they are very similar, after this point at Wave 2, there was a steep decline.
I can not rule out right now that this can not go higher because it can and still be valid, if the republicans and democrats announce a debt ceiling deal, likely all stocks could get a bounce and this is an important catalyst, that being said, it can bounce but my count is showing that this still needs one more low at least.
I have a number of $NIO charts that I use to cross reference my work and make sure I am not missing anything.
Ideally I would like to see a rejection here at this level. The price is just at the 50 Day MA on the Daily chart right now, I will be watching how it manages this now.
For now, I am not seeing any more than 3 waves for $NIOs Wave 4 so the count does not change and we are still expecting a new low.
