NIO Wave Analysis

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NIO ended wave 2 and started wave 3 in the beginning of March with the 32 low, but now NIO has broken out of the 3rd wave. Arguable the 3rd wave is still in progress, but unless Nio bounces at the previous $32 level (resulting in a bullish double bottom), any new lows made would make this a continuation of wave 2 with no clear end in sight. Long term I am bullish on Nio but short term if we break below $32 things will get very choppy.