A possible re-entry short on NVDA
Hey all, if you swing by my page, I've long been a massive NVDA bear, along with semiconductors as a whole; I think they're due to go much lower. Right now, I believe I saw somewhere that NVDA is the most shorted stock in the stock market. I worry that this trade is too crowded, evidenced by the fact that I exited my NVDA short earlier today(Probably a little too early considering it went down a whopping 12%). I expect, eventually, NVDA revisits pre-pandemic levels. That being said, I also am of the belief that this stock(along with others) will likely bounce in the near-term, though I am not playing it. I've been comparing this drop both to March and the blow-off top in January, but in NVDA's case, it is more like January, in my eyes- In the chart, I point out a similar candle to what I think is happening right now. In short, I both expect and am hoping for a bounce in the first half of September, and I plan on shorting said bounce. Let's see how it plays out.
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