NIO - Don't buy the dip just yet - SHORT then LONG
NIO has formed a huge Head and Shoulders. I took the measured move which would make price in the $10 range. I don't expect that kind of move unless something extreme is happening with the market in general, China or NIO. Just have it on the chart to know that it is something that could occur.
NIO appears to be finishing a 5-wave down move. I don't believe this move is over with quite yet. Having a very nice bounce today however. If this 5-wave plays out as expected then NIO should be a great buy in the $25-$30 range. Price is not going to automatically shoot up after that. Will have at least an ABC correction and then possibly going into an impulse wave later in the year.
We also have bullish divergence in the PPO. I don't expect that to burn through on completing the 5th wave down. It is also possible that the fifth wave could be truncated and is already in. If that is the case then I may have to scratch this thesis and buy in on the break of the near term trend line.
NIO appears to be finishing a 5-wave down move. I don't believe this move is over with quite yet. Having a very nice bounce today however. If this 5-wave plays out as expected then NIO should be a great buy in the $25-$30 range. Price is not going to automatically shoot up after that. Will have at least an ABC correction and then possibly going into an impulse wave later in the year.
We also have bullish divergence in the PPO. I don't expect that to burn through on completing the 5th wave down. It is also possible that the fifth wave could be truncated and is already in. If that is the case then I may have to scratch this thesis and buy in on the break of the near term trend line.
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