Disclaimer: I did this analysis with a strong bias that the market is overrun and purposely look for a bearish case for NVDA since it seems to be the one stock that is forcefully pulling the indices up. All other usual way of analyzing waves will give NVDA a target above $153.
In this analysis, I gave the following points: 1. On the weekly chart, we can see a clear downtrend in volume (can be seen on daily too). 2. RSI divergence on the daily. 3. An irregular correction W-X-Y-X-Z. 4. Fibonacci Target of the last wave.
Please use this with caution and only as a reference on how a bearish case for NVDA could be.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.