Overview: last week, I clearly warned about a strong bearish move ahead for NVDA: "A very bearish sign on NVDA was the closing price of August 26th below the heavy bullish volume of August 25th, which shows a big group of trapped bulls and a strong bearish move ahead."
I believed that "we have completed waves I and II of (c) of y, and we are about to complete wave (1) of A of III." The following chart was my expectation which was followed very well, only the real price action was a bit faster to the downside that I expected.
Update: looking at the hourly chart, I believe we have completed wave A of III of (c) of y. The gap of September 1st, could have been a type of exhaustion gap, causing a period of pause in the bearish move, as wave B of III.
Potential target for wave B peak? (149.59-155)
1) The gap fill is at 149.59.
2) Retracement of wave A: 148.61, 150.96, and 152.49.
3) Wave profile of wave A: 150.82, 154.58, and 159.16 (note that these are not exact)
4) Support and resistance levels: 150.41, 155.93, and 160.1 (note that these are not exact)
One thing I want to note that I think the bearish channel I have drawn on the daily chart will not hold and break lower.
I believed that "we have completed waves I and II of (c) of y, and we are about to complete wave (1) of A of III." The following chart was my expectation which was followed very well, only the real price action was a bit faster to the downside that I expected.
Update: looking at the hourly chart, I believe we have completed wave A of III of (c) of y. The gap of September 1st, could have been a type of exhaustion gap, causing a period of pause in the bearish move, as wave B of III.
Potential target for wave B peak? (149.59-155)
1) The gap fill is at 149.59.
2) Retracement of wave A: 148.61, 150.96, and 152.49.
3) Wave profile of wave A: 150.82, 154.58, and 159.16 (note that these are not exact)
4) Support and resistance levels: 150.41, 155.93, and 160.1 (note that these are not exact)
One thing I want to note that I think the bearish channel I have drawn on the daily chart will not hold and break lower.
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