Possible count for a finished corrective at an interesting price point.
Now, the only issue here is the impulse count of the last C-wave.
There is a slight overlap between the 1 and the 4, but it is just a slight overlap and the end of the 1 there is a sizeable wick, so I would allow that.
The wave 5 here could also not be finished yet, but that's often difficult to tell on the last waves.
Still, since the overlap is there, there are secondary alternatives to consider:
The impulse isn't finished yet overall:
And if we consider this to be a 3-wave move to the downside, we could get something like this:
or even more up and down chaos like this:
Should it make new lows
There is an open gap at 4.70$ and the macro POC around 4$
Comment
⋅
So far going according to the second image in the last update:
Volume is also dropping on the way down.
There's still a bit of air to close the gap, though it's close enough either way.
Remains to be seen, if we still get a bigger flush towards 4$ or not.
Comment
⋅
Hit the Macro POC around the 4$ mark with declining volume towards the low as shown perviously.
Went a bit lower, but swiftly gained the Macro POC gain, with a 20%+ move from the low. Needs to hold above now and get through that ~5$-6$ zone above next. Bullish sentiment certainly would increase once we start trading above that again.
There are alternatives for counting the move from the ATH:
Two possible ways to see a simple zigzag (yellow and white) instead of a multi-zigzag, both of which can be seen as completed.
There's a big possibility for NIO to touch the $4-level. Since $4 is not certain, I advise to DCA on the way down, it's difficult to catch the exact bottom.
TophatPandaMagician
⋅
@bullishvince, Indeed - DCA definitely the play for something like this with a long term holding goal.