NVDA: is the party over?

25 авг. 2023 г.

NVDA put in a massive top with the explosive earning and guidance then fell as fast. Is it finally party over for NVDA? Well, it is way too early to call it dead. NVDA has been the strongest stock for the past few months and anyone holding it this year are massively in profit. So, it is very normal that people will take profit at this point of time. On the grand scheme of things, it doesn't seem like price is likely to fall below $400 right at this point. We have a 5 waves move down. I would like to see a 3 way move up and an additional 5 waves down to lower fib areas. This will still be very strong support area, despite a very large selloff. Buyers will come back as fast as they left and if price breaks upward again, then final destination could be at the mid 600s, 700s. Shorting opportunity will present itself if price break below $400. Until then, I am not shorting this crazy thing....