NIO: Rocket-like!

The NIO share price shot up resolutely last week and recorded a peak gain of more than 38%. This development is in line with our primary expectation and is attributable to the blue wave (iii). We now expect this bullish momentum to continue so that the resistance at $7.02 can be broken. Following the high, we expect a small interim correction before a further increase completes the magenta wave (i). However, we must continue to keep an eye on our 40% probable alternative scenario, which is waiting to be deployed at the $3.61 support level. This scenario calls for a lower low of the beige-colored wave alt. II.