Points supporting bearish reversal of NVDA:
Motive Wave (1-2-3-4-5) formation on NVDA is complete.
RSI Divergence is clear.
Double top formation.
Resistance turned support line (red line) likely to be broken during C wave reversal after completion of B wave (Corrective Wave A-B-C). Wave A is complete.
The large gap waiting to be filled during Corrective Wave A-B-C.
Motive Wave (1-2-3-4-5) formation on NVDA is complete.
RSI Divergence is clear.
Double top formation.
Resistance turned support line (red line) likely to be broken during C wave reversal after completion of B wave (Corrective Wave A-B-C). Wave A is complete.
The large gap waiting to be filled during Corrective Wave A-B-C.
Comment:
The last wave down looks like an impulsive wave. If that is so, NVDA has some life still left before it goes down. In this case, we are seeing a zig-zag (3-3-5) regular correction now.
We may see NVDA going down to 400 to complete the correction - the 4th wave of the large wave.
NVDA would then rise upto even 570 before the great move down (161.8 percent projection of 4th wave).
I am getting more convinced about this since SPX is likely to make a move up soon.
We may see NVDA going down to 400 to complete the correction - the 4th wave of the large wave.
NVDA would then rise upto even 570 before the great move down (161.8 percent projection of 4th wave).
I am getting more convinced about this since SPX is likely to make a move up soon.
Comment:
Comment:
My updated analysis on NVDA above is based on my analysis on SPX
NVDA is now forming motive wave B (of the Corrective Wave A-B-C). 455 is 50 percent Fib extension of Wave A and 465 is 61.8 percent. Also notice the peak coinciding with the 61.8 percent extension. The region between 455 to 465 is where NVDA will turn downwards for form the wave C.