$NIO TOP 20
Added 2023-01-29 20:10:55 +0000 UTCI've added in an WXY wave, to show a short term 'bullish' scenario. This can not be an impulse wave, as the low that came in since October, it moved up in 3 waves, and came down in 5 waves and did not make a new low, if it had made a new low, then I could say that the bottom is in and the corrective phase is complete.
If the bottom came in in October, then we needed to see three waves down from the $14 high, instead we are seeing 5 waves down and a bounce....the only hope for the bottom to come in and complete the corrective wave is for $NIO to reject before $14 and pull back below $9.50, therefore completing an ABC Wave for Wave 2.
This would be the best case scenario for $NIO. An aggressive bounce now to complete WXY would mean that the bottom is not in....as we have shown on the $TSLA chart.
$NIO Jan production numbers will be released on Weds, Chinese new year stopped production for a few days so the market may not like the lower numbers released.
