Overview: let's review the expectations of the previous NVDA update:
Update: I am doing a major relabeling to NVDA. There are two main reasons I am doing that: first, NVDA violated from the structure I was expecting on the previous update. Second, since the start of this correction on Nov. 2021, I had this correction as a major wave 4. What are the targets for this wave 4 based on the retracement of wave 3: 116.33 and 82.87.
Also, going back to 2020 and looking on the daily chart, it is obvious that we have a strong support area around those two levels.
Looking at the hourly chart, we are in wave (5) of C of V of (c) of y of 4.
We also have other fib confluences around 116:
From higher to lower degree waves:
1) Wave (c): 112.09
2) Wave V: 116.67
3) Wave (5): 115.91
Note that if NVDA losses the 116 area decisively, it is definitely going to 80 area. For now, the count does not support that scenario.
- NVDA followed the proposed structure and was rejected from our target zone perfectly: wave (2) peaked at 140.31 on September 21st.
- Looking at the hourly chart, I believe that we are in wave (3) of C of III of (c) of y.
Update: I am doing a major relabeling to NVDA. There are two main reasons I am doing that: first, NVDA violated from the structure I was expecting on the previous update. Second, since the start of this correction on Nov. 2021, I had this correction as a major wave 4. What are the targets for this wave 4 based on the retracement of wave 3: 116.33 and 82.87.
Also, going back to 2020 and looking on the daily chart, it is obvious that we have a strong support area around those two levels.
Looking at the hourly chart, we are in wave (5) of C of V of (c) of y of 4.
We also have other fib confluences around 116:
From higher to lower degree waves:
1) Wave (c): 112.09
2) Wave V: 116.67
3) Wave (5): 115.91
Note that if NVDA losses the 116 area decisively, it is definitely going to 80 area. For now, the count does not support that scenario.
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