Found this little Harmonic Bat fella earlier today. I didn't think it would work since point B never saw a .382 or .5 retracement from point A. So why am I publishing this? Target 1! When setting your target pricing for a harmonic bat, your first price target should be a .5 retracement level from A-X. Where did NIO retrace? That's right, a perfect .5. That in addition to the retracements from A to C and A to D made it compelling.
I suspected a .786 or a full 1 retracement from whatever extension we would get from point D (March 5). When I researched equities with a 60% loss in equity, I noticed that when the equity begins extending again, there's usually a short period of fomo buying, followed by an otherwise ordinary retracement. Except there is nothing ordinary to that retracement since just a short while ago, the stock plunged 60%. Ergo, panic selling typically ensues, forcing a capital protection retracement to .786 or 1.
It hasn't happened yet, but I believe it still will. To me, it looks as though NIO will finish retracing at either .782 $35, or 1 $32. From that point, our second price target will be $54.34, and third price target will be $66.98...
I suspected a .786 or a full 1 retracement from whatever extension we would get from point D (March 5). When I researched equities with a 60% loss in equity, I noticed that when the equity begins extending again, there's usually a short period of fomo buying, followed by an otherwise ordinary retracement. Except there is nothing ordinary to that retracement since just a short while ago, the stock plunged 60%. Ergo, panic selling typically ensues, forcing a capital protection retracement to .786 or 1.
It hasn't happened yet, but I believe it still will. To me, it looks as though NIO will finish retracing at either .782 $35, or 1 $32. From that point, our second price target will be $54.34, and third price target will be $66.98...
