NVDA: Bearish ABCD above the Trading Range Targeting $272.42NVDA has risen above the trading range but has started to print weaker Bearish candlestick patterns on the Daily as it approached the PCZ of a potential Bearish ABCD pattern. At this point in time it seems like NVDA will fall short of $600 then come back down to its last official support level which was at $272.42, if 272.42 doesn't hold then it could go into the one hundreds or even below $100 to around $80 but $272.42 is the main target.
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NVDA: Monthly Bearish ABCD Signal Pending Lowering Target to $80Last month I posted a setup that made the argument that NVDA was trading within the Pattern Completion Zone of a Bearish ABCD visible on the Monthly Timeframe and that all I was looking for was a Monthly PPO Confirmation Signal which would likely be triggered by a Bearish Negative Monthly Candle within the Zone; this situation remains the same we are still trading within the zone even after the earnings pop, but we simply haven't had that negative month yet, however it does seem like it will soon give me the signal that I want and it's something to pay attention to, at this point I'd say it'd be ok to put on a midsized bearish entry via 1-3 month NVDA Puts around the $480-$500 strike or NVDS Calls at the $36 strike and upon generating the bearish negative signal candle it will be appropriate to put on the full bearish entry.
In addition, after the recent Price Action and Earnings, if we do get the signals we want here, NVDA will probably drop back down to around $80
The original setup can be found below:
A Negative Month at these Levels Could Signal NVDA Down to $196We are at a point where NVDA is trading at a Macro Monthly Bearish ABCD PCZ and all the Oscillators are sitting in overbought zones. If NVDA sees a negative monthly candle at these levels, it is very likely that these Oscillators will begin to come down again and signal Potential Bearish Action ahead; if we get such a signal at these levels, then I would typically aim for it to go back down to the level of C of the ABCD as a Minimum Target; but given how high this is and how profitable even a 61.8% retrace would be, I will opt to target the 61.8% retrace instead down at $196.32 as it nicely fits into my typical 3:1 risk to reward requirement.
seeking over $200 soon for this semiconductor stocknvda has made a quick return over the past couple months, and theres no reasont that if the broader market continues bullish that nvda should not participate. if we get higher lows in daily qqq i would imagine over $200 for nvda, or around the highest horizontal is in play. if we resist from the first horizontal and set lower highs daily qqq breaking pivot to the downside nvda i would go for thoelse lower horizontals.
two different directions for NVDAthe thought that NVDA could bear flag is upsetting to some, but the price could be lower, in which case rsi, stoch, macd would diverge bullishly. like wise a gap down that is bought, and confirms 4hr higher lows could be another trip to overbought levels on multiple timeframes
AMD semiconductor beastAMD has been unstoppable over the last few years, and this last shake out of the market has been a testament to its momentum.
Perfect bull flag break out running to ATH and now looking for the cup and handle style break out in trend which often follows months long bull trend.
The market is set up well and my next targets for taking profit is around 133 and 145 over coming months.