NVIDIAShort
NVDA: Larger distribution
After an 365%-rally year to date, i think most of the juice is gone in the upward direction for Nvidia
Wyckoff
Since mid-June Nvidia is ranging between 400 and 500 dollar showing an wyckoff distribution-range
While forming an head and schoulders pattern
Currently making an possible lower high in relation to current all time high
If this is confirmed in coming days, more downside is to come
Elliot waves
Looking at the relationschip of elliot waves, i could see here an an wave 1 tot 3 finished
With an extension in the 3 wave, wich is common
So then you expect a retracement to the 0.236 - 0.382 or even 0.5 Fib retracement
With the GAP created in late may after retesting the yearly close of 2021,
You could assume we fill the whole GAP to the 0.382 Fib retracement
And so have another retest of the yearly close and previous all time high for some support or wick under it
5th wave / Upthrust afther distribution (UTAD)
After the completion of the possible retracement, I'm looking for an slightly higher high or 1.236 to 1.618 Fib extension from the low that could be made
This will mark then the upthrust after the the distribution and could start an larger correction
Wich will mark then a possible sign of weakness followed by an re-distribution before an breakdown of the larger distrubtion-range
Important Closes
Current All Time High = 500 dollar
As long as we stay under this level, the direction is downward
Previous All Time High = 345 dollar
Yearly Close 2021 = 300 dollar
These last 2 levels will act as support on the way down an should be observed for possible re-entry for the 5th wave/UTAD
Wyckoff
Since mid-June Nvidia is ranging between 400 and 500 dollar showing an wyckoff distribution-range
While forming an head and schoulders pattern
Currently making an possible lower high in relation to current all time high
If this is confirmed in coming days, more downside is to come
Elliot waves
Looking at the relationschip of elliot waves, i could see here an an wave 1 tot 3 finished
With an extension in the 3 wave, wich is common
So then you expect a retracement to the 0.236 - 0.382 or even 0.5 Fib retracement
With the GAP created in late may after retesting the yearly close of 2021,
You could assume we fill the whole GAP to the 0.382 Fib retracement
And so have another retest of the yearly close and previous all time high for some support or wick under it
5th wave / Upthrust afther distribution (UTAD)
After the completion of the possible retracement, I'm looking for an slightly higher high or 1.236 to 1.618 Fib extension from the low that could be made
This will mark then the upthrust after the the distribution and could start an larger correction
Wich will mark then a possible sign of weakness followed by an re-distribution before an breakdown of the larger distrubtion-range
Important Closes
Current All Time High = 500 dollar
As long as we stay under this level, the direction is downward
Previous All Time High = 345 dollar
Yearly Close 2021 = 300 dollar
These last 2 levels will act as support on the way down an should be observed for possible re-entry for the 5th wave/UTAD
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.