NVDA Macro analysis | The bigger picture | Long-term holders

NVDA had a very shallow pullback and quickly ran back into price discovery on sentiment hype. Wave 5 appears to be underway, which could end at any moment with an even stronger pullback than previous, giving a target of the wave 4 HVN and weekly 200EMA at $88-100. For now, bulls are in control, and you shouldn’t fight the trend. Wave 5 targets are now the weekly pivot extending from the R1 at $236 to the R5 at $512. This would require a new bull craze.

📈 Weekly RSI bearish divergence continues to get larger; this is not a good sign for the bulls.

👉 The bear scenario kicks in if we drop below the recent lower low at the weekly pivot $161

Safe trading