Weekly shows that the wxy correction has erased all RSI divergence and price also stops at the weekly "order block". A high chance that we will reverse from here. Daily shows that the last leg is likely finished with 5 waves in a C wave. A break above the red declining line will increase the odds that the bottom is in. Very likely as it coincides with the reversal in TVC:HSI (Hang Seng) index.
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The drop on Apr 22 touches the 0.618 extension for wave C and perfectly bounced strong with a long bullish candle. Another clue that it has reversed, just like the TVC:HSI today. I would open a long position here with a tight stop at the Apr 22 low. Fantastic RR here.
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NIO has broken out of the red declining line, retested it and is ready to fly
next step delisting, because the money in cash its over.
MarketSphere
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@iron3888 i guess you don’t even know what’s happening with NIO know or even the car itself, NIO should be 13$ at this moment just and wait till July you gonna see NIO crossing 20$
More like a triple zigzag than a WXY IMO but agree a short term bottom is likely here. My target is to retest $16.18 but my time horizon is 18 months
Drunkmonk
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@John_parker, I initially thought so too but Z didn’t react to 100% or 127.2% at 4.15 and also didn’t really have the right look- the Y wave of wxyxz. 1.618 much lower.. I’d have to go back and look. I think we could be working Y wave flat or triangle coming down from $16 of macro wxy. If it does make a triangle I will really load the effing boat because the structure and stops will be clearly defined. You got a chart?