NVDA | Trade PlanPrice was successfully bouncing off of EMA support until now
I drew out the major pathways of pivot for a better understanding of what price will most likely do next
As we analyze these pivots you'll notice that buyer become weaker in each wave giving sellers the opportunity for deeper corrections
The last wave (3) had a correction so deep that it basically used the top of wave 2 for support (SnR)
Seeing this will give us the idea that sellers will most likely look to head back to that major pivot as wave 4 barley made a Higher High creating divergence, and has already broke below the high of the last wave
The next steps I would like to see price action inch its way up to somewhat fill the gap above to only see further selling towards $100 - $97 area.
Note:
This is a price action/wave analysis, the purpose of doing this is to have another perspective without having to rely on a chart pattern
When we look at it this way we can have a better anticipation on what buyers are going to do next.
