Pretty simple, NIO as with other EV's is running on schedule. Chart shows a fib fan with channel action between .618 and 0. Chart anticipates a minimum of .25 extension with the likely (my opinion) possibility of a 0 extension.
As illustrated with my Tesla chart, the demise of EV's hype has been grossly exaggerated. Since March 2020, the price action has oscillated between the aforementioned .618 and O sequences.
On a personal note, I'm hoping to hop on a .618 retracement boat from March 11 before re-entering this stock...or I got caught being greedy and missed the .382 boat
As illustrated with my Tesla chart, the demise of EV's hype has been grossly exaggerated. Since March 2020, the price action has oscillated between the aforementioned .618 and O sequences.
On a personal note, I'm hoping to hop on a .618 retracement boat from March 11 before re-entering this stock...or I got caught being greedy and missed the .382 boat
Comment:
Obviously didn't bounce the way I had it drawn up. I'm expecting a close to .25 retrace for the Nasdaq, which we are a ways off from. Provided the EV companies are still seen as technology companies rather than car companies, I think they will continue to correlate to the tech indices. NIO is setting up nicely to at least hit the .618 horizontal retrace and .75 fib fan. Not sure if that will be the end of the retrace, but given the RSI looks close to hitting its bottom trend line, this could definitely be it.
