Hello NIO investors, we are reaching the end of this year-long consolidation which happens to be a falling wedge. This is good. A falling wedge is a CONTINUATION pattern if it comes after a large bullish run which NIO did have (almost 5000%). Therefore, NIO will CONTINUE to go up drastically after it hopefully breaks up out of it. Secondly, NIO is almost at the golden ratio, the third Fibonacci level (seen in yellow). This is the most important and statistically speaking, the most likely fib level for a stock to bounce off of. RSI is relatively low as well which gives the stock space to go up.
I am expecting NIO to consolidate for another month (move sideways) then drop slightly so it could touch the third fib level without breaking the bottom trend line of the falling wedge (seen in purple). This progress is shown in the green arrows.
Fundamentally, NIO is expanding exponentially. There is too much good news to list off I would advise you to look into it yourself.
AGAIN this is not financial advice, this is just what I see happening. Hope this helps let me know what you guys think.
I am expecting NIO to consolidate for another month (move sideways) then drop slightly so it could touch the third fib level without breaking the bottom trend line of the falling wedge (seen in purple). This progress is shown in the green arrows.
Fundamentally, NIO is expanding exponentially. There is too much good news to list off I would advise you to look into it yourself.
AGAIN this is not financial advice, this is just what I see happening. Hope this helps let me know what you guys think.