Watch out for this pattern on Nio - Keeping my eyes on this.
Nio is potentially forming a descending triangle
If prices actually move back to touch 39.50 again, this creates the descending triangle at play. a 4th Touch drastically increases the probability of a downwards break.
A break below the support $39.50 is a disasterous scenario for Nio - I am not predicting this would happen, rather preparing and reacting IF it happens.
a Break below, The descending triangle targets the $22 level - Which rather interestingly is the 0.236 Fibonacci level
Depending on how low the drop takes it can also potentially coincide with the red 200 daily SMA - added confluence of support.
Personally I had stopped my shorts as per previous posts, added long after, and now taken full profits as I'm scared of this potential triangle.
My prediction (predictions are worthless) timewise is a break down around Early Feb 2021.
If prices actually move back to touch 39.50 again, this creates the descending triangle at play. a 4th Touch drastically increases the probability of a downwards break.
A break below the support $39.50 is a disasterous scenario for Nio - I am not predicting this would happen, rather preparing and reacting IF it happens.
a Break below, The descending triangle targets the $22 level - Which rather interestingly is the 0.236 Fibonacci level
Depending on how low the drop takes it can also potentially coincide with the red 200 daily SMA - added confluence of support.
Personally I had stopped my shorts as per previous posts, added long after, and now taken full profits as I'm scared of this potential triangle.
My prediction (predictions are worthless) timewise is a break down around Early Feb 2021.
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