The NIO share price shot up resolutely last week and recorded a peak gain of more than 38%. This development is in line with our primary expectation and is attributable to the blue wave (iii). We now expect this bullish momentum to continue so that the resistance at $7.02 can be broken. Following the high, we expect a small interim correction before a further increase completes the magenta wave (i). However, we must continue to keep an eye on our 40% probable alternative scenario, which is waiting to be deployed at the $3.61 support level. This scenario calls for a lower low of the beige-colored wave alt. II.
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📊 Free daily market insights combining macro + Elliott Wave analysis
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter - full free analyses at dailymarketupdate.com
🚀 Spot trends early with momentum, sentiment & price structure
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.