Bearish Scenario (Short Term):
- End of Wave V
- Bearish Divergence (red lines)
- Rising Wedge (White Lines)
- RSI overbought
- MACD above 0
- A/D flat
- Low VPVR support at these price levels
- Diminishing trade volume
- Reached Resistance levels
I anticipate a correction down to $126-$130 initially and might drop further down to $120 zone before...
Bullish Scenario (Short Term):
- Bullish Divergence on StochRSI
- Potential Impulse Wave I in formation
- MACD crossing Signal
- RSI approaching overbought territory though
- Above 200 EMA
- Good support on VPVR
- Healthy Volume Trade
- Bullish Market Sentiment
- Target $50 - $53.50
However, NIO has to cross the $66.99 mark in order to be considered...
I identified bearish divergence on the MACD and StochRSI (Red Arrows). I also see a rising wedge (white lines) similar to the one identified earlier back in February that lead to a pull back. This in combination with lack of significant VPVR support and diminishing trade volumes at current levels - I think we are looking at $383 - $389 levels by mid of next week...
Inverse Head & Shoulder on 30 minutes with high volume on Left Shoulder , declining on Head and low volume on Right Shoulder. Neck Line broke on a relatively low volume today though. This can possibly shoot up from here. I do see a bearish divergence on RSI Stoch though. There is a possibility of touching the neckline at $386 zone and then bouncing up to new highs.
