has Nio suffered enough blood?

Nio has been going down for a couple of days now. To be honest most chinese stocks have been taking a hit including Giant chinese ecommerce stock BABA. When I look at NIO I am starting to see what it appears to be a morning star bullish reversal. Now there is not much confirmation at the moment, but first we need to see that the selling pressure diminishes more. Now one thing I am carefully looking at is the 20 MA and the $46 fibonacci price level. What I want to see is that the price breaks through this strong area of resistance so the stock can go back into its previous trading channel. If this occurs it will be safe to go long. Its safe to say that I am more bullish on Nio than bearish, but whatever Nio does the remainder of this week will most likely determine the direction it will take. If the bears continue to put pressure on Nio we can see it drop to as low as $28.75-$30.65. The reasons for these price targets is simply because everything that goes up or low will eventually retrace back to its Mean. In more simple terms (52 week low of $2 + 52 week high of 57)/2= putting $29 to be its price Mean. So lastly, My stop Loss is as followed in the Red Ray line, if bellow 37.25 it will be my call to get out. My 1st and 2nd Take profit area are again as followed in the purple dotted lines. I will be waiting confirmation this week. let me know what you guys think and if there is something that I might have missed. I always welcome other peoples view.