The Long Investor

$NIO TOP 20 UPDATE

Added 2023-01-09 15:46:43 +0000 UTC

Drawing Wave 2, we look for an ABC count, three waves and once the count has three clear waves it is valid. For NIO, it has been increasing and decreasing 10-15% almost daily lately, making very clear waves but almost making it very difficult to decipher.

What remains important is whether or not it can get back into the channel, shown here as an ascending red line. What's even more coincidental is that the popular 1.27 Fib line, crosses the red line at the exact spot where this wave is trending to...making it a very important point.

My thoughts are that it will get rejected but I am open to it turning bullish and getting back into the channel, this move today and Friday has had almost no pullbacks so this is also looking extended and leaving gaps behind it....so it does not look like it could continue like this for too long, let's see!