If you have taken advantage of the 20% drawdown in Aug-Sep, then a 16% rally this month, then congrats to you. Right now, the final leg of correction is in progress before the next bull run starts. Today we might have seen the sharp a wave of Y. Things might slide a bit more, but a bounce should be incoming. After the bounce we should see the final leg down, when everyone and their mothers will scream head and shoulders. But, most likely that will not play out the way bears want. Sure, there a lot of room to fall, but NVDA is in a very strong position despite the political drama. If things go down, my bet would be that one of the fib support areas will hold and price will make another ATH by Q1 next year. As for my trading plan, I will sit this one out and wait for a bullish confirmation to enter, rather than shorting this right now.
Comment:
It is crazy how Elliott wave works. Almost like magic. Feels like cheating. NVDA stock is a prime example of trader psycology mapped by Eliott wave theory.
