NVDA provided a textbook 5-wave impulsive move off the low. The 3rd wave tagged the 1.618 extension and the 5th wave has reached the 2.0 extension. This move has been very clean. However, the fibonacci extensions have been reached and now momentum is beginning to fade (see MACD). That being said, I expect NVDA to pullback over the next 2-3 weeks. I would like to see price retrace to the .5 - .618 retracement levels, filling the gaps in an A-B-C pattern, followed by a push back above the Wave 1 high. If this happens, the price target for wave 3 will be in the 240-250 range.
Comment:
So far going according to plan. B-Waves are notorious for suckering in buyers, so remain patient and wait for the next drop to the buy zone.
Comment:
It's getting closer to the buy zone. Stay patient.
Trade closed: target reached:
Ok. We have now reached the buy zone. This is where I will be buying.