I Would Like to See a Slightly Deeper Pullback Here for $NIO Prior to Another Advance

$NIO looks to have completed an impulse wave off the October low. An ideal retracement would have us go a little deeper to the orange box below before advance to the orange box above.

NIO


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$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.

NIO

Read more “$NIO Bullish Upgrade”


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.


$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.

NIO


[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.