$NIO TOP 20 - LESSON - WAVE 4 VARIATIONS -
Added 2024-09-14 10:50:06 +0000 UTCI think this is a good opportunity to make a lesson here.
We are all watching $NIO very closely in this group and our members are fully aware that we want to see an impulse wave to confirm that we are starting to see a reversal here and the worst is behind $NIO
So while I have your attention, I think it's a good opportunity to look at how Wave 4's can form.
The standard Wave 4, pulls back in 3 waves abc, where wave c typically makes a lower low below wave a and completes on the 0.38 Fib....which is what we are showing on the $NIO chart now.
BUT there are three other scenarios:
1: A Flat Correction, where the abc effectively moves sideways and wave c doesn't make a lower low, but tests the wave a support level, in this case on the 0.236 Fib.
2. A Triangle, where wave c makes a HIGHER low
3. A Running Flat, where wave b makes goes higher than the top of Wave 3 and wave c makes a lower low.
So right now, I believe this wave 4 is still forming and there is arguably 3 waves in this pull back already, I think we need more price action next week to confirm this
But right now, there is a possibility of all 3 of this variations forming now.
Overall, we just want to see a Wave 4 formed and break higher to complete Wave 5, this will confirm the impulse wave
Do not be concerned that you have not added yet on this bounce, after ever Wave 5 there is always an ABC corrective pull back so you will get your chance then but now, we want to see this move in an impulse wave.
Comments
Hy Gar Do you have any definitive direction after today ? Wave 4 still in action ? Thanks
Alex
2024-09-16 17:27:54 +0000 UTCI like also the fundamentals from NIO on last earning report.....that's why I hope chart will confirm the positive development as well...
Holger
2024-09-15 06:24:11 +0000 UTCPerfect timing for this lesson. Iโm sure many NIO followers were confused by the price action over the last week
Chris H
2024-09-14 13:00:26 +0000 UTCThanks Andrew, always an opportunity to get a lesson in
Gareth Neary
2024-09-14 12:12:04 +0000 UTCGar, thanks, this detail is great and timely. I was watching the action yesterday and wondered why it was differing from the standard a b c. Really excellent content ๐
Andrew Hopper
2024-09-14 12:11:01 +0000 UTCGreat! Thanks
WallyN ๐ท๐ด
2024-09-14 11:08:59 +0000 UTCStill too early to confirm right now, we need another day or 2 of price action I believe but there is a sideways movement right now that can be argued it is complete.
Gareth Neary
2024-09-14 11:08:22 +0000 UTCโthere is arguably 3 waves in this pull back alreadyโ. Do you mean wave 4 could have concluded ?
Francisco Martin
2024-09-14 11:04:02 +0000 UTC
