We predicted Nvda's bottom at 170$ mark 6 weeks ago and the price move since then has been extraordinary. With around 5-8% of upmove pending, there are clear signs of rally exhaustion.
We have week divergence indicators flashing across timeframes, from 1D to 1M charts. As the price increases, the divergence strength will keep rising.
Elliot wave is showing a final wave 5 completion as around 230-235 level mark and the volume with which Nvda broke previous highs was just 1/4th of the volume at previous top, again an exhasution signal.
Demark signal has not flashed yet but we are within 10-12 trading days away from that signal flashing too.
Do not make fresh entries at this price and be watchful of top formation. It wont be a V shaped top but rather the prices will stall and then reverse giving time to close longs and book profits. The ensuing downmove will take NVDA back to 115-120 levels.
We have week divergence indicators flashing across timeframes, from 1D to 1M charts. As the price increases, the divergence strength will keep rising.
Elliot wave is showing a final wave 5 completion as around 230-235 level mark and the volume with which Nvda broke previous highs was just 1/4th of the volume at previous top, again an exhasution signal.
Demark signal has not flashed yet but we are within 10-12 trading days away from that signal flashing too.
Do not make fresh entries at this price and be watchful of top formation. It wont be a V shaped top but rather the prices will stall and then reverse giving time to close longs and book profits. The ensuing downmove will take NVDA back to 115-120 levels.
Trade active
NVDA prices responded to the exhausting volumes. For long positions, now at 197 levels is a much better level for a good risk reward ratio on the upside. Onto the next 10-15% upmove.Trade closed: target reached
Nvda has almost reached the levels we projected, I expected some more upmove till 240 levels. Across all time frames, from 1D, 1W, 2W and even 1M, divergences have started flashing, so I do expect consolidation/pullback coming up very soon.Note
Reached exact target and now retrace.Note
Been difficult for Nvidia to cross the red box zone as momentum was fading.Note
The zone acted as a resistance but I incorrectly marked it as 5 which looks to be much higher, have updated a new chart.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.