Mighty NVDA reacted strongly to our first proposed support and first large down going wave might have been completed.
As shown on the chart , Major down going wave from ATH to last major low can be labeled as 5 leg down 12345 with wave 4 as inverted flat ( See related idea for details). Confirmation for completion of wave A is a trade above labeled wave 4 high and in this case we are now in wave B which is a great profitable counter trend correction to the major decline from ATH.
If true , What are major resistances on the NVDA's road map?
I showed less strong static resistances with orange while more strong ones were shown by red. Red static resistances coincide with 0.382 and 0.5 retracement levels of major decline from ATH . This makes these resistances important and noticeable. Moreover, 50 and 100 weeks moving averages coincide with 0.382 retracement level which makes this resistance even stronger therefore and for now, we should consider 195 to 208 USD resistance zone as a really important strong resistance area.
Please note counter trend corrections normally have 3 legs and NVDA is still in first leg which shows NVDA still has much room to go up if we are truly in wave B. It is wise to keep in mind that before taking wave 4 out, there is chance for this rally to be just counter trend correction of what has been labeled as wave 5.
while we are very close to NVDA's earning report, stochastic indicator is in overbought zone and please note time frame of chart is weekly therefore upcoming ER has very strong impact on future path of the stock.
In this proposed scenario, entire correction of NVDA will end around 70 USD after completion of 2nd large down going wave which has been shown as possible wave C with dashed arrow on the chart. Although I showed this possibility on the chart, it is too soon to talk about it especially in detail. If necessary, we will come back and make our updates in appropriate time .
Please do not hesitate to ask questions .
Wish you success and profits.
As shown on the chart , Major down going wave from ATH to last major low can be labeled as 5 leg down 12345 with wave 4 as inverted flat ( See related idea for details). Confirmation for completion of wave A is a trade above labeled wave 4 high and in this case we are now in wave B which is a great profitable counter trend correction to the major decline from ATH.
If true , What are major resistances on the NVDA's road map?
I showed less strong static resistances with orange while more strong ones were shown by red. Red static resistances coincide with 0.382 and 0.5 retracement levels of major decline from ATH . This makes these resistances important and noticeable. Moreover, 50 and 100 weeks moving averages coincide with 0.382 retracement level which makes this resistance even stronger therefore and for now, we should consider 195 to 208 USD resistance zone as a really important strong resistance area.
Please note counter trend corrections normally have 3 legs and NVDA is still in first leg which shows NVDA still has much room to go up if we are truly in wave B. It is wise to keep in mind that before taking wave 4 out, there is chance for this rally to be just counter trend correction of what has been labeled as wave 5.
while we are very close to NVDA's earning report, stochastic indicator is in overbought zone and please note time frame of chart is weekly therefore upcoming ER has very strong impact on future path of the stock.
In this proposed scenario, entire correction of NVDA will end around 70 USD after completion of 2nd large down going wave which has been shown as possible wave C with dashed arrow on the chart. Although I showed this possibility on the chart, it is too soon to talk about it especially in detail. If necessary, we will come back and make our updates in appropriate time .
Please do not hesitate to ask questions .
Wish you success and profits.
