$NIO May Need a Further Low to Complete Its Correction

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.”

Note: When my work is first published on this website, it is made available to patrons who support my work through my Patreon account. Over time (usually after a period of a few months), I make the work public. To gain access to my work when it is produced, please consider becoming a patron. More information may be found on my About page and on my Patreon page.

One thought on “$NIO May Need a Further Low to Complete Its Correction”

Leave a Reply

Your email address will not be published.