NVDA looking to crack
Updated
Nvidia has been jumping and pumping with the AI that has been thumping. Watch out though, it may get to dumping.
With SVB having issues I see a lot of tech worries especially in the crypto and startup space, NVDA gets a big boon from these industries as their products are great for the AI space and crypto space. I think the pump was mostly due to hype that is starting to die down, I don't see massive gains in the space in the next 4-6 months, I see the hype stalling out.
Price stalled at the 78 fib and the top of the ichimoku cloud and that is with the AI hype coming in. I drew some big triangles in white which has some geometric symbolism to me, if price was to test the bottom of the cloud before earnings we could follow those lines.
Watch the price action on short time frames in the coming days. Island Reversal will signal the dumping.
With SVB having issues I see a lot of tech worries especially in the crypto and startup space, NVDA gets a big boon from these industries as their products are great for the AI space and crypto space. I think the pump was mostly due to hype that is starting to die down, I don't see massive gains in the space in the next 4-6 months, I see the hype stalling out.
Price stalled at the 78 fib and the top of the ichimoku cloud and that is with the AI hype coming in. I drew some big triangles in white which has some geometric symbolism to me, if price was to test the bottom of the cloud before earnings we could follow those lines.
Watch the price action on short time frames in the coming days. Island Reversal will signal the dumping.
Note
Never took a position on this one as the island reversal never happened. Congrats Bulls. NVDA chips seem like the best for AI right now, if AI is the combustion engine of this generation then NVDA had the first oil well and they are PUMPING.
I do not see it slowing down outside of AI regulations or a recession. NVDA is bullish!
Note
New price target 500Note
Price target hit.Entering a short spread on tomorrows open
Looking for 415 by Oct 20th.
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