NIO Rally Reaching 161.8 Fibonacci Extension. Next Targets?
NIO Inc. is a pioneer in China’s premium electric vehicle market. The company designs, jointly manufactures, and sells smart and connected premium electric vehicles, driving innovations in next generation technologies in connectivity, autonomous driving and artificial intelligence. Back in August of this year, we called for the stock to rally to a new high before starting a larger pull back to correct the cycle from September 2019 low. The expectations were for it to end 5 waves impulsive Elliott wave sequence higher from September 2019 low with a new high. However, the rally has extended more and we now have an incomplete sequence higher from July 17, 2020 low which calls for more upside and the rally is now beginning to look more like wave III of (III) than wave I of (III). In this blog, we will look at the updated forecast for NIO stock and next targets to the upside.