$NIO TOP 20
Added 2023-01-06 15:18:35 +0000 UTCOk, so it is likely that we have started Wave 3 now in red since we went below the previous low (by only 0.1cent). So like all Wave 3's, it will have 5 subwaves in it.
It is not clear yet that we have completed Subwave 1 of 5 yet....BUT if it has, we expect Wave 2 to retrace to the .618 fib and the .65 fib, marked by the white circle.
If we look at Subwave 2 of Wave 1, also marked on the chart, we can see that it retraced to this level, this is a normal level for Wave 2 to complete.
What we want to see now is that Subwave 1 is complete, it comes to our level we just mentioned, near $10.30 - $10.45 to the complete Subwave 2.
As always, this is just the standard way EW counts move, they can be slow moving or drawn out. Sub Wave 2 will have 3 moves in it, ABC waves, so it may not just go straight back up....again, check out the previous Wave 2 for guidance.
