NIO, beautiful day in the consolidation zone, time for next pop?

22 Eyl 2020

Thanks for all the likes on the previous NIO chart! Keep on pressing like so I know you want more of these ideads!

Nio is following this trend perfectly. Looking for its next break up

Previously in Zone 1, we can also note, RSI find support in the 50 range.



**********copied from previous days chart********** Please press the like button AND the follow button if you like these ideas, thanks!

NIO price target/end of october: $21

Evs , ah quite the market in 2020. Nio has had quite a year, lets examine the last 4 months with NIO .
Since June 30th Nio has been in a beautiful ascending channel , a closer examination of the trend will show that upon reaching highs, Nio has an extended period of consolidation, into a lower end of the channel, which leads to another rise towards the upper end of the channel.

Zone 1-39 candles.
Upon reaching the upper end of the channel (also resistance), we can see consolidation, and upon reaching the lower end (of ascending channel ) we see a rise into zone 2(becomes support).

Zone 2 (theoretical) -26 candles.
Using the same metrics as zone 1 we saw a rise into the upper end of the channel, back into a consolidation range, this time , along support lines. Using zone 1 measurements, we can expect a consolidation into the lower end of the channel which would take it back into the upper end of the channel, also known as zone 3.

Zone 3 (theoretical) - 23 candles.
In this zone we reach said price target.
With aforementioned measurements used in previous zones (zone 1, zone 2) , We can see the price target of $21 by end of October. Bull case scenario on this pattern leaves us at $28 by end of October.

**Provided also are:
*Pink reversal zones (possible to signal reversal if falling out of ascending channel )
* gray area zones (possible for upside or downside)
*red breakdown zones (for price action that falls out of the bullish trend )