$NIO TOP 20 UPDATE
Added 2023-05-16 09:37:29 +0000 UTCVery little to add here, I spoke above Subwave 4 possibly being complete now, so if we are in Subwave 5 now, the bounce yesterday was likely wave 1 of Subwave 5, I am sure people are aware now that each Subwave has 5 waves in it for Wave 1, 3 and 5, and 3 waves in Subwave 2 and 4.
I have added a resistance trend line from the tops of each peaks and it aligns very well with the 200 Day MA now on the 1hr chart, we can use this as a metric to see if the trend changes, so far we can see that it made a lower low and a lower high this week, this is another confirmation that the trend is descending still.
The PM is showing another pull back and the price is still staying below the 0.38 Fib level too.
So nothing has changed here, the waves are moving as they should and the trend remains the same.
