NIO - POSSIBLE ELLIOT WAVE 3 ENDING
Updated
NIO has followed a bearish trendline very beautifully.
Can see theres still room for further downside. My count shows that NIO is close to completing wave 5 of (5) of ((3)), so thee are multiple sequences that NIO will be completing at this area with the target range within the pink lines ($7.40-$4.88). Can it go lower? Of course, its markets that decide, will it go lower? probability wise not here and not now, but after wave 4 rally, we can favor stronger bearish move lower.
I would suggest being patient with NIO as market wide sentiment is 'take caution', and as always never throw all your eggs in 1 basket. Manage Risk and use a DCA strategy to accumulate a position. Below$6.00 is great area to buy some NIO but always be prepared that it can drop all the way to the lows
Can see theres still room for further downside. My count shows that NIO is close to completing wave 5 of (5) of ((3)), so thee are multiple sequences that NIO will be completing at this area with the target range within the pink lines ($7.40-$4.88). Can it go lower? Of course, its markets that decide, will it go lower? probability wise not here and not now, but after wave 4 rally, we can favor stronger bearish move lower.
I would suggest being patient with NIO as market wide sentiment is 'take caution', and as always never throw all your eggs in 1 basket. Manage Risk and use a DCA strategy to accumulate a position. Below$6.00 is great area to buy some NIO but always be prepared that it can drop all the way to the lows
Note
NIO looking to complete a few bearish sequences before starting wave 4 rallyNote
Wave 4 Target (to be determined) once wave 3 is completed. Based on current data can project a target of 20$ area as a 0.236 minimum retracement. We'll get more accurate numbers over next few days/weeks.Note
Beautiful Bullish Sequence Note
NIO looking like its preparing to pop up n take out some shorts before making a bottom. Its been completing this move down since JULY. Note
Anticipating a bullish (corrective) move on NIONote
NIO preparing??Note
Favoring wave ((3)) on NIO as completed with wave ((4)) as a corrective ABC started. Target is $20.53 (0.236 retracement). A sell order to exit at $19 is more than reasonable but make sure to take some profits along the way instead of waiting for it to hit $19Note
absolute beauty!Note
our elliot wave count was very good at labelling the low as a wave 3 ending.Theres a few diff ways to label this corrective rally (ABC12345), but for now we will keep it simple. We can adjust after the lows have been retested, I am anticipating a larger degree correction with the ABC turning into an (ABC) as the move down to completed wave ((3)) had multiple sequeneces, it would make logical sense the corrective move also has multiple sequences.
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