After bouncing and testing the monthly coral and being bullish on NVDA for the past couple of months, I think it's time for it to cool off and comeback to earth a little bit.
We ran from the monthly coral all the way to the quarterly upper band without really missing a beat for a 112% run. There is a level of strong fib confluence and old resistance at the quarterly upper band around $230-$232. I started shorting at $222, and have another short order in at $232, and my stop is around $256.
I expect NVDA to fall back to $185-$175 for a 15%-20% gain which brings us right back to the backside of the weekly down trend and the daily uptrend. Ill reevaluate from there.