NVDA is at the end of an overextended corrective wave.
Initial move to the downside will begin next week after earnings report - best case for NVDA is a drop to test 270 by end of June.
Would not be surprised with a drop to 185 by end of June 2023. Sounds crazy, but makes sense given that market is setting up for a major leg down that will be termed a "crash".. However, it will simply align with expectations of current structure and transition into next bearish cycle.
After the initial down we will see a bounce, but only to set up for lower low in 2024.
July Puts all day.
Initial move to the downside will begin next week after earnings report - best case for NVDA is a drop to test 270 by end of June.
Would not be surprised with a drop to 185 by end of June 2023. Sounds crazy, but makes sense given that market is setting up for a major leg down that will be termed a "crash".. However, it will simply align with expectations of current structure and transition into next bearish cycle.
After the initial down we will see a bounce, but only to set up for lower low in 2024.
July Puts all day.
Comment:
Posted an updated idea with new targets etc.. Nice run, I didn't hate the stock but I do now. Great opportunity to add July puts at a discount.
Comment:
Break below 379 here will drop it to 363. Break below 363 will drop it to 315.