NIO NEXT BULLISH MOVENIO has been on a bullish move since its all-time low ($1.19) in Sep-2019 to its all-time high ($66.9) in Jan-2021. The monthly chart shows that the price made a 1 - 2 wave movement. 2 making a deep 0.791 retracement of 1.
On the Weekly (supercycle) chart wave 1 can be seen making a 5 wave movement then a ABC correction with wave B retracing to 0.66 of A making it a zigzag correction with an expected 5-3-5 move.
On the daily chart we can clearly see the 5-3-5 wave correction. Wave C created a 5 wave move convergence proposing the end of the ABC zigzag correction
On the 4H chart the 5th wave of C also converged with another 5 waves shown in purple. Now that we have 5 waves upon 5 waves we are expecting a new grand super-cycle bullish move. We can see that we have just completed a 5 wave move forming a grand super cycle 1. The price is expected to retrace to 0.791 where we find using smart money concepts a breaker and an imbalance where price might retrace to and turn bullish. Projected buy entry would be at $15.00 being a key level entry inside the zone.
In terms of harmonics we can clearly see the chart slowly creating a bat pattern with an expected shallow C retracement of 0.786 or 0.886 before the move up.
In terms of targets the first target would be the 1.618 of wave 1 which is $31.78.
The next target would be the end of the harmonic pattern at D which is $40.64.
