Five months ago, I introduced NIO to Slope as a long idea. Since then, it has appreciated about 800%. As the intraday chart below shows, this thing is an absolute bottle rocket.
Of course, every teenager with a trading account has been going ape over it, and if you wander over to WSB, almost every single meme is about NIO, which has definitely pushed aside Tesla and Musk as the obsession ofWSB.
I took this as a signal of the end, so I shorted the hell out of it (virtually speaking) here on Slope.
The daily chart shows what a fantastic inverted head and shoulders the chart was back when I suggested it. This, like Bitcoin, is one of those financial instruments which Goes Up Until It Doesn’t Anymore.
As an aside, the bloom is definitely off the Tesla rose. If this triangle breaks, bye-bye to price stability.