First, it did trigger the point at $ 190.20, and it is doing higher highs/lows. What’s more, NVDA recently found a support at the previous bottom level around $ 178, and this reversal structure is appearing in a very good moment.
Right now, NVDA is doing a pullback to the $ 190.20, which previously was a top, and now, it is supposed to become a bottom in the short-term, according to the Principle of Polarity. The 21 is quite close to this point as well, making it a dual-support level.
Of course, the situation is not that easy now, as we still have the purple trendline, which connects the previous 3 top levels, and could work as a resistance in the future again.
The gives us more clues:
The support at $ 178 is quite close to the 38.2% Fibonacci’s Retracement ($ 180), and it is easy to see now why NVDA did a bottom over there. This is a very strong .
What’s more, NVDA did a lower high/low in the , indicating weakness in the mid-term. Now NVDA is fighting to break the 21 , and it is losing, so far.
If the seen in the 1h chart gets frustrated, and NVDA loses today’s low tomorrow, the mid-term trend will prevail over the reversals pattern seen in the short-term, and we might seek the retracements again, even the , at $ 171. The at $ 163 is the last it could retest in a stressful scenario.
Honestly, I don’t see NVDA crashing, but don’t see it flying either. Either way, it is important to look at the structure in the 1h chart, and Fibonacci’s Retracements in the for now.
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Also I forgot to mention that the price in the daily chart just touched the 21 WMA and went down instantly. I think this reinforce the pullback hypotesis.