NIO Inc.Long
NIO - big picture view
Updated
Possible count for a finished corrective at an interesting price point.
Now, the only issue here is the impulse count of the last C-wave.
There is a slight overlap between the 1 and the 4, but it is just a slight overlap and the end of the 1 there is a sizeable wick, so I would allow that.
The wave 5 here could also not be finished yet, but that's often difficult to tell on the last waves.
Still, since the overlap is there, there are secondary alternatives to consider:
The impulse isn't finished yet overall:
And if we consider this to be a 3-wave move to the downside, we could get something like this:
or even more up and down chaos like this:
Should it make new lows
There is an open gap at 4.70$ and the macro POC around 4$
Now, the only issue here is the impulse count of the last C-wave.
There is a slight overlap between the 1 and the 4, but it is just a slight overlap and the end of the 1 there is a sizeable wick, so I would allow that.
The wave 5 here could also not be finished yet, but that's often difficult to tell on the last waves.
Still, since the overlap is there, there are secondary alternatives to consider:
The impulse isn't finished yet overall:
And if we consider this to be a 3-wave move to the downside, we could get something like this:
or even more up and down chaos like this:
Should it make new lows
There is an open gap at 4.70$ and the macro POC around 4$
Note
So far going according to the second image in the last update:Volume is also dropping on the way down.
There's still a bit of air to close the gap, though it's close enough either way.
Remains to be seen, if we still get a bigger flush towards 4$ or not.
Note
Hit the Macro POC around the 4$ mark with declining volume towards the low as shown perviously.Went a bit lower, but swiftly gained the Macro POC gain, with a 20%+ move from the low. Needs to hold above now and get through that ~5$-6$ zone above next. Bullish sentiment certainly would increase once we start trading above that again.
There are alternatives for counting the move from the ATH:
Two possible ways to see a simple zigzag (yellow and white) instead of a multi-zigzag, both of which can be seen as completed.
Note
Hmm, I was sure I updated this a month or two ago... anyway, we certainly have a candidate for an impulse from the low and a corrective afterWe also closed the gap around 4.20$ (where else...) on the correction.
On the move up, we did not get above the marked zone (compare first image, last update) yet. Getting above that (6.40$-6.50$) and holding that zone would give a lot more conviction.
Note
Not much to add to the previous update here, we went deeper - as deep as possible basically without taking out the low and once more holding the macro POC:
So once more: we need to above ~6.50$ and hold.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.