Overview: let's review the previous update on NVDA:
Update: not much to update on the hourly chart. The price action tried to break lower through the ascending channel which was a fake break. Now, we are in wave (C) of 5 of a. As we had in our plan, what follows is wave b to test the green descending channel. Note that I believe NVDA is in some sort of accumulation phase, so it is going to be less volatile and hard to move in any direction.
- Now, I see that we are near the completion of wave a consisted of 5 waves.
- The pullback that follows (wave b), is going to test the green descending channel.
- This abc structure that is going to test the descending channel on the daily chart is either an x wave (bottom is not in) or wave 1 (bottom is in).
Update: not much to update on the hourly chart. The price action tried to break lower through the ascending channel which was a fake break. Now, we are in wave (C) of 5 of a. As we had in our plan, what follows is wave b to test the green descending channel. Note that I believe NVDA is in some sort of accumulation phase, so it is going to be less volatile and hard to move in any direction.
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