Let’s first define the meaning of Three Black Crows candlestick pattern:
Three black crows is a bearish candlestick pattern used to predict the reversal of a current uptrend.
When this pattern happens in weekly chart after a +5500% gain rally, it means we have to accept the bull rally is finished and be prepared for more correction in the price!
Please pay attention to sever decrease in trading volume which indicates the bullish rally has altered so much!
I believe NIO correct to 32 in next few weeks(end of March 2021) 50 EMA level in weekly chart, after that we have to wait and see NIO’s reaction to that level and the lower brother of the Andrew’s pitchfork!
I published my short analysis on NIO when it was 57 on January 30th, 2021, and mentioned the target price of 38-40.
For further information about NIO target price please check my analysis on TradingView and my own telegram channel.
Three black crows is a bearish candlestick pattern used to predict the reversal of a current uptrend.
When this pattern happens in weekly chart after a +5500% gain rally, it means we have to accept the bull rally is finished and be prepared for more correction in the price!
Please pay attention to sever decrease in trading volume which indicates the bullish rally has altered so much!
I believe NIO correct to 32 in next few weeks(end of March 2021) 50 EMA level in weekly chart, after that we have to wait and see NIO’s reaction to that level and the lower brother of the Andrew’s pitchfork!
I published my short analysis on NIO when it was 57 on January 30th, 2021, and mentioned the target price of 38-40.
For further information about NIO target price please check my analysis on TradingView and my own telegram channel.
