Nvidia -> Is This The Top Formation?

Hello Traders and Investors,
my name is Philip and today I will provide a free and educational multi-timeframe technical analysis of Nvidia💪

Looking at the monthly timeframe you can see that after Nvidia retested previous support and the 0.786 fibonacci retracement at the $110 level, there was a solid rally towards the upside.

Looking at the weekly timeframe you can see that Nvidia is still a little bit overextended and we could certainly see a weekly retest of the 0.382 fibonacci level which is perfectly lining up with previous structure.

After Nvidia broke down of the rising channel a couple of days ago there was not a lot of bearish follow-through and also daily market structure is not bearish yet - I am simply waiting for a better situation on Nvidia to then look for a new trading opportunity.

Keep in mind: Don't get caught up in short term moves and always look at the long term picture; building wealth is a marathon and not a quick sprint📈

Thank you for watching and I will see you tomorrow!

My previous analysis of this asset: