Hello Traders,
NIO topped on September 02 (intraday @ 21.03) and declined to 15.62 to finish the move in an a-b-c pattern. The move since that low could be a series of „one`s and two`s“ within the final move in wave 5.
If so to come, a possible target range could be around the 26.23 area, where wave 3 is the 1.618 extension of wave 1.
As to observe on the weekly chart, the most powerful volume gain was with the start of wave „three of three“, leaving an „acceleration-gap“ at chart. This wave is often the most powerful wave and pushes price higher to levels well above the former level of the „thrust“ shown after the breakout of the triangle!
While EV`s are right now a strong candidate for the next hype over the coming years, it could be possible, that these waves of acceleration will last longer, than expected!
A drop below the 15.62 in the short-term would mean a more complex correction might be underway or the high at 21.03 was wave (v) of 3 and the next wave of advance will be the extending wave.
Have a great weekend....
ruebennase
Feel free to asko r cemment!
Trading this analysis is at your own risk!
NIO topped on September 02 (intraday @ 21.03) and declined to 15.62 to finish the move in an a-b-c pattern. The move since that low could be a series of „one`s and two`s“ within the final move in wave 5.
If so to come, a possible target range could be around the 26.23 area, where wave 3 is the 1.618 extension of wave 1.
As to observe on the weekly chart, the most powerful volume gain was with the start of wave „three of three“, leaving an „acceleration-gap“ at chart. This wave is often the most powerful wave and pushes price higher to levels well above the former level of the „thrust“ shown after the breakout of the triangle!
While EV`s are right now a strong candidate for the next hype over the coming years, it could be possible, that these waves of acceleration will last longer, than expected!
A drop below the 15.62 in the short-term would mean a more complex correction might be underway or the high at 21.03 was wave (v) of 3 and the next wave of advance will be the extending wave.
Have a great weekend....
ruebennase
Feel free to asko r cemment!
Trading this analysis is at your own risk!