Watch out for the DOOM and GLOOM Short

NIO Inc.NYSE

Description

⋅ Feb 2, 2021 4:16 PM

It is unsettling that NIO is forming a Descending triangle.

A 4th Touch of the baseline would likely result in a break down of the descending Triangle, with target being the height of the Triangle.

In my prior post I have posted my exit, I'd be keen to add shorts on the breakdown of this Triangle.

The best traders remove emotion

No Matter how much I love Nio this is what the charts say.

If this triggers you it is very likely trading is not for you.

Technical Indicators

Comments

Edulindolo

⋅ Feb 2, 2021 6:43 PM

I would love to see a drop, big discount ahead

BNMLaw357

⋅ Feb 2, 2021 5:08 PM

Ok thank you for the chart & info.

BNMLaw357

⋅ Feb 2, 2021 4:36 PM

Isn’t that a bullish sign in an up channel?

TraderGG100

⋅ Feb 2, 2021 5:00 PM

@BNMLaw357, No it is a bearish sign, but very bullish if the upper side of triangle is broken . The descending triangle pattern occurs as people sell into rallies that are getting weaker and weaker given more and more keen sellers. Hence the lower highs form. Statistically the ratio is about 70/30 down /up

BNMLaw357

⋅ Feb 2, 2021 5:09 PM

@TraderGG100, Ok thank you for the chart & info.