Reeks of Feb 2020 Vibes
NVDA is a monster, no doubt. And shorting it is risky. But based on chart alone here is what I see:
- sustained break below 479 (we're here now, 3:10pm 8/24) will result in following targets/time to target. What I mean here is that NVDA will be trading at these levels on the dates given - it can exceed below and then pop to these levels, however, if it fails to reach these levels it becomes less bearish.
Target 1 = 378 on 9/8/2023
Target 2 = 304 on 11/1/2023
Target 3 = 205 on 1/23/2024
- alt path will occur if NVDA makes sustained break of 506, in that case it will continue higher to at least 526 (but as high as 562) before topping and reversing hard to targets 1-3 (in this case I would need to re-eval time to target).
Good luck,
DONT FORGET AI IS JUST A BUZZWORD FOR STATISTICS lol, for real tho, they are juicing it hard and prompting a crash as they wipe out weak hands
- sustained break below 479 (we're here now, 3:10pm 8/24) will result in following targets/time to target. What I mean here is that NVDA will be trading at these levels on the dates given - it can exceed below and then pop to these levels, however, if it fails to reach these levels it becomes less bearish.
Target 1 = 378 on 9/8/2023
Target 2 = 304 on 11/1/2023
Target 3 = 205 on 1/23/2024
- alt path will occur if NVDA makes sustained break of 506, in that case it will continue higher to at least 526 (but as high as 562) before topping and reversing hard to targets 1-3 (in this case I would need to re-eval time to target).
Good luck,
DONT FORGET AI IS JUST A BUZZWORD FOR STATISTICS lol, for real tho, they are juicing it hard and prompting a crash as they wipe out weak hands
Note
Levels we need to breakdown on the way to target: 457, 434, 405I have puts with strikes just above those levels so that if the levels don't break immediately I can take profits in the money.
These levels will get tested, what drive price action toward targets is explosive downside once these levels are breached.
Note
If this breaks back below 479 here it will get slammed to 405-434Note
Following black trajectories/paths directly to Targets 2 and 3
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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.