Hello Traders,
NIO, the Chinese EV-maker is moving sideways since it made a high @ $21.03 on September 2!
The structure since the low @ $15.62 shows overlapping moves, indicating a corrective, upside countertrend.
NIO can move for some more hours within the trend channel (blue lines) to higher prices still. But a break of the lower boundary @ ~$17.- area on an hourly closing price (at minimum) should open the door to 16.52 and the low @ 15.62 in a quick and fast move.
On the other hand. A break of the high @ $18.71 and above the upper boundary of the channel would mean higher price to come in the next hours of trading.
Overall to speak.
As long as NIO is trading below it`s September 2 low (@ 21.03) the door is open to the aforementioned price target at or around the 13.53.-. This is the level where the triangle has ended and the „thrust“ had begun (waves ((E)) of 4)! More bearish potential exist.
Have a great weekend....
ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
NIO, the Chinese EV-maker is moving sideways since it made a high @ $21.03 on September 2!
The structure since the low @ $15.62 shows overlapping moves, indicating a corrective, upside countertrend.
NIO can move for some more hours within the trend channel (blue lines) to higher prices still. But a break of the lower boundary @ ~$17.- area on an hourly closing price (at minimum) should open the door to 16.52 and the low @ 15.62 in a quick and fast move.
On the other hand. A break of the high @ $18.71 and above the upper boundary of the channel would mean higher price to come in the next hours of trading.
Overall to speak.
As long as NIO is trading below it`s September 2 low (@ 21.03) the door is open to the aforementioned price target at or around the 13.53.-. This is the level where the triangle has ended and the „thrust“ had begun (waves ((E)) of 4)! More bearish potential exist.
Have a great weekend....
ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!