NIO - 9/15/2020

NIO

Possible End of Wave 4 correction, suggesting the start of a trendy Wave 5
- The wave 4 correction looks like a standard flat correction with wave A & B occurring in 3 waves, while wave C occurred in 5 waves.
- Looks like its starting a wave 3 within that wave 5 (Bull)

Anchored VWAP (White) set to last earnings (8/11)
- Price tested the line once, but bounced right off and is well above it now, indicating good market sentiment.

Declining Volume (Purple)
- Peaked in 8/26, decreasing steadily since but price has maintained acceptable levels.
- Could spike up again in the near future

Stoch RSI (Pink)
- Bullish hidden divergence suggests a continuation of an uptrend

IF it falls below the recent uptrend's (small wave 5) 0.618 fib level ($18.53) then it confirm the formation of a larger correction.
IF rises above previous high of $20.30 can confirm the formation of a smaller wave 3 in a wave 5.

BUY - If goes above $20.30, wait till the Stoch RSI dips to signal a buy. Looking for entry before 9/22 (TSLA battery day = momentum)


Bearish Signals
Not that favorable Ichimoku Cloud setting (3m timeframe) - I can't show this chart as I'm not allowed to attach "external" links.
- Lagging span is too close to the price (the further up and away the better)
- Conversion line just bounced off base line (red)
- Price just broke out off red Ichimoku cloud with green cloud forming.
--IDEALLY - we'd like the price to dip slightly below the base line and be well above a thick green cloud.