NVDA - Predictive Fibonacci Sequence
After making such accurate predictions in our previous NVDA posts, we are back with another prediction. Based on Viaquant's Predictive Fibonacci Sequence we could expect a future top either at the level we are at currently, or around $1120. Here's why.
- Our first level of $110 was established as strong support with a double bottom (green arrows). This created our base for this 10x move.
- Our second level was established at $350 (red arrow). This was our first major resistance after bottoming for the first time at $110.
- Once we broke that previous high price immediately visited the psychological $500 level. This level became important as it acted as resistance for 25 weeks before having it's parabolic breakout. Therefore, this level is established as an extremely important liquidity zone for the future.
- If you look at our previous posts, you will notice the $730 level. This was our 1.618 of our micro trend which is also in alignment with the 0.618 of our predictive sequence. Earnings helped us break this level (as predicted prior) which lead us the to 0.786 ($900).
- This level is also very psychological. We had one wick to the $1000 level but for the most part price action has been respecting $900.
- Our weekly RSI is well in the red (overbought conditions) which has marked many of our previous tops, therefore it is time to start being more cautious.
- But with the NVDA conference and the level of market FOMO right now, if we are to start closing above the $1,000 level, then we will reach a "predictive" top around $1,120.
- Most likely the stock will split at some point as the valuation gets so high, but given the current chart here are our levels to the downside.
- The first key level to the downside will be the $730 level as old resistance can act as new support.
- But the most important level is the $500 liquidity level (also 0.618 if we hit a top around $1120). This level has a very high chance of being tested in the future and could even act as a bear market bottom is the stock is able to continue to be highly valued.
- Our first level of $110 was established as strong support with a double bottom (green arrows). This created our base for this 10x move.
- Our second level was established at $350 (red arrow). This was our first major resistance after bottoming for the first time at $110.
- Once we broke that previous high price immediately visited the psychological $500 level. This level became important as it acted as resistance for 25 weeks before having it's parabolic breakout. Therefore, this level is established as an extremely important liquidity zone for the future.
- If you look at our previous posts, you will notice the $730 level. This was our 1.618 of our micro trend which is also in alignment with the 0.618 of our predictive sequence. Earnings helped us break this level (as predicted prior) which lead us the to 0.786 ($900).
- This level is also very psychological. We had one wick to the $1000 level but for the most part price action has been respecting $900.
- Our weekly RSI is well in the red (overbought conditions) which has marked many of our previous tops, therefore it is time to start being more cautious.
- But with the NVDA conference and the level of market FOMO right now, if we are to start closing above the $1,000 level, then we will reach a "predictive" top around $1,120.
- Most likely the stock will split at some point as the valuation gets so high, but given the current chart here are our levels to the downside.
- The first key level to the downside will be the $730 level as old resistance can act as new support.
- But the most important level is the $500 liquidity level (also 0.618 if we hit a top around $1120). This level has a very high chance of being tested in the future and could even act as a bear market bottom is the stock is able to continue to be highly valued.
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