Short

NIO - New low or just small correction ?!

Updated

NIO - Made 5 waves up but it looks like this could actually be a wave C !
Therefore be very careful if you want to buy the pullback.

If price goes down to the orange zone in corrective fashion and we can distinguish a corrective pattern, we can look to buy the reversal out of that zone and even add on a new high.

BUT if that's not the case and we see relatively sharp moves down, we've most likely started a new impulsive move lower and can then expect new lows !

Note

I think I might be wrong by one degree, meaning we'll see a new high first before any correction happens.

Thinking of something like this. Not sure but it's possible we see an Ending Diagonal or also called Wedge pattern to finish the move as it tends to happen when price goes "too far, too fast".

ElliottWaveBelgium

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by ElliottWaveBelgium

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