A while back, we analyzed NIO, and recently, we’ve seen a considerable 55% increase in the stock price. However, despite this rise, nothing truly convinces us that this bearish trend has ended or that a sustainable upward movement is underway.

The critical factor here is that none of the key levels that need to be breached for a trend reversal have been crossed. Specifically, we’re looking at the current Wave ((iv)) level around $6.04. If this level isn’t breached, it’s likely that we could see further declines, possibly dipping into the $2.99 range—or even lower, potentially as far as $1. It may seem dramatic, but considering NIO has already dropped up to 62% since January, repeating such a decline isn’t out of the question.

In conclusion, the market remains quite weak, and we’re still cautious about the possibility of more significant setbacks. Always remember, it’s okay to stay on the sidelines and not invest in everything that catches your eye. 🤝