NIO is looking for a 100% retracement into $16 area

We are looking at NIO right now.



We have a valid break of structure on the weekly timeframe. Price has retraced back into the demand zone just below the low made after the Change of Character. We are seeing a reaction from the GAP right below the CHoCH low.

We have zoomed into the 1hr timeframe, and seeing a bullish structural setup being created. We are waiting for the BOS (Break of Structure to happen, to confirm bullish sentiment. Followed by a retracement back into the low of the CHoCH and reaction to the order block below it.

If these structural elements are confirmed, there is a solid chance that NIO is looking for a push to the upside at $16.

I would definitely keep an eye out for NIO maybe a 2-3 month expiration call option play with a strike around $15 to give you that ITM premium once price pushes above it.

Keep your eyes on NIO in the short term.