Was trying to find the comment that suggested the .886 fib retracement because as of right now, they are right on the money. I believe we could have seen the top but I am not ignorant to the fact the this rally has a lot of steam behind it and we could see a rally that prints a new ATH. Even if that happens it does not change my analysis because my time horizon is to buy Puts Jan to June 2024. I primarily swing trade, so I am looking for opportunities in larger timeframe trend shifts. I have a feeling that earnings and debt ceiling nonsense could be the perfect catalysts to send this much lower, much faster, than most of us could anticipate. Recent price action is insane and nobody can honestly justify it and the resulting market cap. It makes no sense and it is a recipe for a major pendulum swing in the opposite direction, in due time. Good luck out there, whether you are a bull or a bear. I just like to see people make money and in this case, the risk to reward ratio is far more attractive to the downside.
I included a few possible Fib retracement levels to the downside and even to the upside. Cleaned up the chart a bit.
You should stop posting, your just leading people in the wrong direction.
Goontata84
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@JosGTO, I am not leading anybody anywhere. I am just display the information that is in the charts for everyone to see. The reason it might be taken as misleading is that price is not respecting the normal patterns, fib levels, having atypical reactions to price behaviour to news and earnings and that is because virtually no retail traders are involved, at least in any meaningful numbers and wall street has decided to manipulate it as much as possible using zero day options and a semi coordinated effort to hold until they are done. I am not providing unrealistic analysis, price action has just been unrealistic. Just wait until the pullback, it will be apparent then. Also, check out insider trading for NVDA. High level employees are dumping large amount of their holdings. If they really believed their own BS, why would they be selling at all and voluntarily missing out on such a bright future/financial opportunity?
thuyvu33
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Hey So I have a call on NVDIA for the Day with it on the recovery from yesterday its doing ok but was wondering if I should keep it for tomorrow what do you think? Was hoping this crash was going to happen and this wooly mammoth was going to bleed out at the 300 level but I don't foresee it going bearish. Its just not happening unless we go into a marketwide crash.
Radiologyfinance
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The Bearmarket is over 🔥artificial intelligence will lead the new bullmaker. In a bullish market, the fibonacci is useless.
Goontata84
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@Radiologyfinance, don't agree but its about 50/50 right now, whether we are going to pullback moderately and continue up or whether we continue the downtrend and possibly make a new low.
Poodle
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I was thinking we might get one more bounce up…. So I can add to my short LOL