On my count, I believe that $NIO will need to make at least one more lower low in order to complete the correction from its July high.
The target I have pinned at just under $33 gets us a trend line strike and a good fib relationship between the internal legs of green 2, but it’s also 13% below us and it would make for a very deep 2. The minimum condition that needs to be met is taking out the August low. My projection is that a bottom of significance will form within that range leading to a rally that will eventually take out the July high.
[UPDATE]: I have revised this call here. Since I’ve bailed on the call above before any drama one way or another, I’m filing this under “Cancelled.”
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