Today's Date 11/28/20- 7:19am
Sure, let's apply basic to a meme stock, why not.
NIO went nuts due to the EV stock gold rush. Missed an absolutely awesome run up. So the question a lot of us rookies/late people ask is- is there room to grow before it breaks?
-Fib drawn 0-1 at Nov 10 to Nov 13.
NIO has a strong bottom TL, it has supported price and caused reversal ~7 times. The two clear reversal tops could arguably form a top TL, resulting in a shape. The reversal would come where TLs squeeze around early Dec.
ALSO, when drawing the fib on the Nov 13 high, the Nov 24 high becomes the 1272 FIB. interesting. Fib 1 has caused recent reversals between Nov 24 and Nov 27.
PLAN: Let NIO drop from Fib 1 line to the bottom TL. Set a buy there, Ride up past Fib1 for the last run of NIO , sell, then get out before a potential drop.