The Long Investor

$NIO TOP 20

Added 2023-05-21 19:38:30 +0000 UTC

I think over the last few months, with following this chart, a lot of our members have learnt an extensive amount of EW Theory, they know that counts move in waves and bounce and decline, the hit Fib levels and reverse and hold support levels too.

What we always watch for is the trend too and if we were to show this chart to a child and I regularly show this to my daughter who is nearly 6 and I ask her, which direction is this chart moving overall, up or down?....and she looks at me as though I have two heads and thinks it might be a trick question, because the trend is so obviously downward she does not understand why I would ask such a basic question.

It does not matter that $NIO finished above $8.04 on Friday, this is not holding above this level, it recaptured it in the last hour of trading and then immediately lost it after hours.

I update NIO every day to catch any potential reversal signs, lower lows and lower highs only confirm that the trend continues down.

So the plan remains the same here, the only thing that would change my view here would be a break out above the 200 Day MA on the 1hr (the chart above is the daily) which is at the yellow diagonal trendline too, a break out above this and it holds, would potentially mean a change to the count, until then, no changes to the plan here.