Nio is retracing to what looks to be the 38% level of a potential wave 3. (green box)
we are above the ema ribbon on the weekly time frame so don't fight the trend. a long position entry is preferable.
5.50 would be the "technical" area for a long position as we attempt another leg up.
we do have daily rsi divergence to the downside BUT we don't have weekly rsi divergence and that holds more weight than the daily. we should see the daily rsi cool off a bit.
if your really conservative the best entry would be under $4 at that golden zone.
thanks everyone for you very valuable time
Rigo
we are above the ema ribbon on the weekly time frame so don't fight the trend. a long position entry is preferable.
5.50 would be the "technical" area for a long position as we attempt another leg up.
we do have daily rsi divergence to the downside BUT we don't have weekly rsi divergence and that holds more weight than the daily. we should see the daily rsi cool off a bit.
if your really conservative the best entry would be under $4 at that golden zone.
thanks everyone for you very valuable time
Rigo