Hello Traders,
NIO made a new high at 21.03 on September 2, just 6 Cent above the August 26 high!
It declined since then in a „three-down“ which has to develop into „five-down“ to become an impulsive structure and make it possible to call out the end of an impulse! A break of the 18.36 level (arrow) should imply that more selling pressure has to come and NIO will move to the area around the wave v of (c) of ((iv)) low @ 16.84. More bearish potential exists!
Another view should imply that NIO is developing in an extending wave 5 up, but wave 3 was extending and in R. N. Elliott`s theory only one wave is allowed to extend. So I rate this a view with a lower chance to come, but still possible!
Again, any decline below the 16.84 level opens the door to lower price still!
Have a great weekend...
ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
NIO made a new high at 21.03 on September 2, just 6 Cent above the August 26 high!
It declined since then in a „three-down“ which has to develop into „five-down“ to become an impulsive structure and make it possible to call out the end of an impulse! A break of the 18.36 level (arrow) should imply that more selling pressure has to come and NIO will move to the area around the wave v of (c) of ((iv)) low @ 16.84. More bearish potential exists!
Another view should imply that NIO is developing in an extending wave 5 up, but wave 3 was extending and in R. N. Elliott`s theory only one wave is allowed to extend. So I rate this a view with a lower chance to come, but still possible!
Again, any decline below the 16.84 level opens the door to lower price still!
Have a great weekend...
ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!