Short

Nvidia - The -60% correction is starting!

Updated

is showing us multiple confluences which will lead to a massive move lower.

Be greedy when others are fearful and fearful when others are greedy. But on Nvidia we cannot be fearful yet - so far, the smaller timeframes are still bullish. Everything makes me believe though that we will see a significant move lower soon: Nvidia is retesting massive channel resistance, repeated the previous bullish cycles and is preparing for the next correction cycle!

Levels to watch: $120, $50

Keep your long term vision,
Philip - BasicTrading

Note

Quick update on Nvidia:

Sometimes, the truth is right in front of people's eyes but they still won't listen. It is the same thing with Nvidia: Everything is pointing to a (massive) move lower over the next couple of months and people are still calling for $200 price targets.

Levels to watch: $110, $50

Trade closed: target reached

Quick update on Nvidia:

Over the past couple of weeks, we saw a beautiful correction of about -40% on Nvidia. But it still seems like bulls are overall in control of this stock and every drop is being bought eventually. Nvidia might actually create new all time highs quite soon.

Levels to watch: $130

Click chart above to see the detailed analysis👆🏻

Trade active

Trading update on Nvidia (NVDA):

Click chart above to see the detailed analysis👆🏻

Nvidia already perfectly rejected the channel resistance but is now trading again almost at new all time highs. Both scenarios are still valid and price action over the next couple of weeks will be very decisive. Also earnings will have a massive impact.

Levels to watch: $140, $60

Keep your long term vision,
Philip (BasicTrading)

Trade active

Trading update on Nvidia (NVDA):

Click chart above to see the detailed analysis👆🏻

After earnings, Nvidia did nothing. But it still seems like bears are in control of this stock and another correction is starting to play out. The recent -40% drop might not be everything yet and Nvidia could be forming another bullish-then-bearish cycle pattern.

Levels to watch: $60

Keep your long term vision,
Philip (BasicTrading)

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