NVDA, Bull run continues after correction ! Long at supports!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.
