The chart possibly ended its 5 wave rally and now it's going into a corrective wave. We should take maximum profit from it.
To make the trade more secure, we need to divide it into at least 3 entries. 1st entry to close at first target. Second entry to go at the end of the blue arrow that indicates the end of (C) wave. The 3rd entry will be held until the chart reach the wave IV of a smaller degree, although as a second wave the price has the potential to fall even by 61.8%. This is the case where we need to wait for a part of correction to form, or to make fundamental analysis
Write down in the comments your opinion about the stock decline
I'm new to trading but i thought wave 3 is typically the longest/largest wave within the Elliott pattern. Could another opinion be that we are just now starting the 5th impulse wave?
moneysignSean
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@ferchkc09 correct! wave 3 is the longest. wave 1 looks to me as a ABC correction wave
@moneysignSean thank you! I had in my analysis that the current up trend is wave 5 with wave 4 hitting the 31% retracement.
mariyan15135931
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I like the idea it is not as everyone suggest that we are in wave 5 . I do believe NVDA lost momentum finally and it is time to pay back the bears that have been waiting for months now . Plese comment how you came up with the wave patern and the logic behind it so people can consider always the other way in mind