If NVDA falls, How far will it Retrace?? - NVDA
Updated
Here I have NVDA on the 4 Hr Chart!
Price on NVDA is showing exhaustion in the $126.83 - $133.75 Range, just shy of the Previous Highs in June & July.
This Range is based off the Beginning of what seems to be an Elliot Correction Wave from the Lower Low @ $90.69 followed by our High (Point A) @ $108.8 then our Higher Low (Violation of Structure - Point B) @ $97.53.
Confirmation of Wave comes once Price Broke Point A to Push Higher to Point C where it stalls now!
Now, using the Fibonacci Retracement Tool, we can see that if $130 stands to be our new Higher High, price should be looking to make a Higher Low by Retracing to the Fib Entry Zone between $119.19 - $113.77!
-Once Price confirms the Correction Wave, we see the RSI cross Above 50
-Price is now trading Above 200 EMA
*AREA OF CAUTION*
-Price created quite a Price Gap between $110 - $112 so we could possibly see price make a another 38.2% retracement to Fill The Gap before moving Higher!!
Earnings & Revenue Due Wednesday Aug. 28th.
Price on NVDA is showing exhaustion in the $126.83 - $133.75 Range, just shy of the Previous Highs in June & July.
This Range is based off the Beginning of what seems to be an Elliot Correction Wave from the Lower Low @ $90.69 followed by our High (Point A) @ $108.8 then our Higher Low (Violation of Structure - Point B) @ $97.53.
Confirmation of Wave comes once Price Broke Point A to Push Higher to Point C where it stalls now!
Now, using the Fibonacci Retracement Tool, we can see that if $130 stands to be our new Higher High, price should be looking to make a Higher Low by Retracing to the Fib Entry Zone between $119.19 - $113.77!
-Once Price confirms the Correction Wave, we see the RSI cross Above 50
-Price is now trading Above 200 EMA
*AREA OF CAUTION*
-Price created quite a Price Gap between $110 - $112 so we could possibly see price make a another 38.2% retracement to Fill The Gap before moving Higher!!
Earnings & Revenue Due Wednesday Aug. 28th.
Note
Idea Update!!
It would seem my settings for my Fib Retracement Tool was backwards!
Now based off the Low @ 97.53 to the High @ 130.75, I suspect that Price will Retrace to the Gap between $112 - $110 that lies within the Golden Zone of the Fib Entry Zone @ $114.14 - $108.59!
*Could change if we get a new High before descending!
-RSI on the Daily shows price is Above 50 showing Bullishness
Note
Upon Nvidia beating expectations on Earnings and Revenue on August 28th:
Revenue Estimate (28.737B) / Reported (30.4B) = +1.303B
Earnings Estimate (.647) / Reported (.68) = +.033
.. The overall expectation was 32 Billion Dollars in Revenue or Higher for most investors
Mixed with the VEO talking about the delay in the new Blackwell Chip product being ready and shipped sees the Price in shares that to head down to a favorable area!!
Trade active
Share Price on NVDA:
-Dropped down to the 200 EMA
-Filled the Gap between $112.41 - $110.41
&
-Tested the Golden Fib Zone 55.9% - 61.8%
I Bought 1 Share @ $110
Novi_FIbonacci
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