NVDA - Corrective for sure, but when is the fall?
Updated
Hey all,
Penny man here to collect a few pennies for my piggy bank. This looks like a text-book B wave corrective setup. Only question is do we fall from here or do we have one last leg up before falling?
Overall Bearish Price Target: $104
Reasons? 1.618 extension of leg A plus matches with significant daily VWAP level from the last significant bottom of a pullback we made earlier this year.
What you might see:
B wave's typically have a perfect setup that tricks investors that the resumption of the up trend will continue, only to make a lower-high and turn around. Personally, I really wanted to see the $130 range before having a decent pullback. But, expect to see analysts downgrading ratings, possible some bearish news in the coming weeks, will expedite the downturn exponentially once we clear the local low of $118.00.
Penny man here to collect a few pennies for my piggy bank. This looks like a text-book B wave corrective setup. Only question is do we fall from here or do we have one last leg up before falling?
Overall Bearish Price Target: $104
Reasons? 1.618 extension of leg A plus matches with significant daily VWAP level from the last significant bottom of a pullback we made earlier this year.
What you might see:
B wave's typically have a perfect setup that tricks investors that the resumption of the up trend will continue, only to make a lower-high and turn around. Personally, I really wanted to see the $130 range before having a decent pullback. But, expect to see analysts downgrading ratings, possible some bearish news in the coming weeks, will expedite the downturn exponentially once we clear the local low of $118.00.
Comment
Downturn is still coming, the fact that the B was so exaggerated before it fell to me is only more proof of further downside to come. Aggressively aiming at $104 - $106. Should happen very fast, likely within the next 2 weeks.Side note: I also see other people posting A-B-C setups so I definitely have confirmation bias.
Comment
Hard to say we straight up fall though, think we're in for a bit of chop before we finally break this range down. Especially with the Pelosi buy, looking for this next week to look something like this (this is an expanded flat for the short-term count)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.