With the increasing hype around AI, NVDA has been on one hell of a run since the beginning of the year. Watching from the daily timeframe, NVDA is finally arriving at a major resistance/ weekly supply zone. It is currently consolidating into my favorite pattern! You guessed it, the wedge! Lol It is also completing wave 5 of the 1st major impulse wave in the Elliott Wave sequence. The major corrective wave began at the beginning of last year and completed the final C wave of the overall corrective wave back in October 2022. Although I may be early, I will keep my eye on this wedge over the next few weeks. If NVDA breaks out above this wedge, this play will be invalidated and you may even see it break above the resistance and supply zone.
I will be watching price movement within this wedge. I will only enter a short given these parameters; break below green support on wedge, break and hold below 20 EMA and 50 EMA (need a cross under between these two), and change in structure, in addition to what levels are indicated on my MACD, RSI, STOCH, and Pivot points. Once enough of these rules align for me, I will drop to a lower timeframe for a more precise trade. I have drawn a white dotted line to depict the possible upcoming price movement.
Will update as the price continues to move.
I will be watching price movement within this wedge. I will only enter a short given these parameters; break below green support on wedge, break and hold below 20 EMA and 50 EMA (need a cross under between these two), and change in structure, in addition to what levels are indicated on my MACD, RSI, STOCH, and Pivot points. Once enough of these rules align for me, I will drop to a lower timeframe for a more precise trade. I have drawn a white dotted line to depict the possible upcoming price movement.
Will update as the price continues to move.
Dennis Butler Jr.