$NIO Bullish Upgrade

In my last post, I suggested that $NIO needed a new low, at a minimum, in order to complete its correction. It has struggled to do so and I’m now going to drop that call. Sometimes these setups deny us the ideal entry, and I have a further reason to do so: both $TREE and $PLUG have very similar structures and both of them were able to make new lows. I now think they will all rally together (the connection is obviously “growth stocks”).

I am now targeting the orange box (note the potential micro inverse). It may still eventually make a new low at some point, but for the moment, I think it’s going up first.


[UPDATE]: We have reached the target range. I will need to observe it now to see if we get a 1-2 pump.


$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.”