NVDA, Bull run continues after correction ! Long at supports!
Updated
Will NVDA see higher targets? Why not?
NVDA's trend is clearly up. It has recently completed wave 3 of Ascending wave cycle which itself beautifully subdivided to 5 waves. Currently we are in wave 4 of the larger cycle waves which will end at 272-291 support zone formed by 0.5 and 0.382 retracements of wave 3 respectively. As explained on the chart wave 4 correction of a larger degree wave often ends in the territory of smaller degree wave 4. Therefore, proposed support zone is really strong.
If true, next up going wave 5 push the price up to 355- 373 target zone which is a strong resistance formed by some typical projections for wave 5 targets. This wave 5 target analysis assumes that wave 4 ends at 291 so, it may need update and we can do it later if necessary.
Stochastic indicator is going down after a clear bearish divergence at the top and I guess it will be in oversold zone when price reaches to supports which makes it an ideal setup to go long.
I myself closed my long position around 330 waiting for re-opening at supports but there is no major worries for stock holders despite all the uncertainties in the market. There will be a big short for the whole market in upcoming months but it is not the time now.
Good luck my friends . Wish you all the best profits.
NVDA's trend is clearly up. It has recently completed wave 3 of Ascending wave cycle which itself beautifully subdivided to 5 waves. Currently we are in wave 4 of the larger cycle waves which will end at 272-291 support zone formed by 0.5 and 0.382 retracements of wave 3 respectively. As explained on the chart wave 4 correction of a larger degree wave often ends in the territory of smaller degree wave 4. Therefore, proposed support zone is really strong.
If true, next up going wave 5 push the price up to 355- 373 target zone which is a strong resistance formed by some typical projections for wave 5 targets. This wave 5 target analysis assumes that wave 4 ends at 291 so, it may need update and we can do it later if necessary.
Stochastic indicator is going down after a clear bearish divergence at the top and I guess it will be in oversold zone when price reaches to supports which makes it an ideal setup to go long.
I myself closed my long position around 330 waiting for re-opening at supports but there is no major worries for stock holders despite all the uncertainties in the market. There will be a big short for the whole market in upcoming months but it is not the time now.
Good luck my friends . Wish you all the best profits.
Note
So far, NVDA was not able to break the down trend line !. And now it may loose the support trend line shown on the chart. We may need an update. For now , I strongly recommend not to open a long position before down going trend line break out.Good luck everyone.
Note
I hope that my update as a comment was useful for you. we want to repeat it again as things are more clear now :So far, NVDA was not able to break the down trend line !. And now it may loose the support trend line shown on the chart. We may need an update. For now , I strongly recommend not to open a long position before down going trend line break out.
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