2023 NVDA Outlook
Overview: my very first update on NVDA was published on July 23rd, 2022. The general idea on that update was that NVDA is in a wave 4 correction developing as a triple zigzag. On that day, NVDA closed at 173.19 and I had 100 as my target for wave 4 bottom. Since than, we have been updating the hourly and daily charts keeping the same higher-level count.
On my update of Oct. 1st, I noted that "the targets for this wave 4 based on the retracement of wave 3: 116.33 and 82.87", and on Oct. 23rd, I published the idea that NVDA has bottomed. The actual low happened on Oct. 13th at a price of 108.13!
Update: I want to base my 2023 outlook on a sentence of my update of Oct 28th: "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). The pullback that follows will determine that." and my update of Nov 12th: "I believe wave (II) is going to take a long time to complete, maybe sometime around March 2023."
As expected, we had an abc sturcture developed from the low of Oct. 13th to test the descending channel, this can be either wave 1 or [wave x]. Then, we had another abc structure completed down the high of Dec. 13th, which can be wave w of 2 or [wave 1 of (a) of z to new lows]. Either scenario, we will have a corrective abc to the upside at this point, which is labeled wave x (red) on the chart and provides a good spot to enter bearish position on NVDA, and the structure that follows next will determine which scenario is playing out.
Also, note the formation of a huge inverse h&s on the daily chart.
On the hourly chart, we are inside wave A of x.
On my update of Oct. 1st, I noted that "the targets for this wave 4 based on the retracement of wave 3: 116.33 and 82.87", and on Oct. 23rd, I published the idea that NVDA has bottomed. The actual low happened on Oct. 13th at a price of 108.13!
Update: I want to base my 2023 outlook on a sentence of my update of Oct 28th: "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). The pullback that follows will determine that." and my update of Nov 12th: "I believe wave (II) is going to take a long time to complete, maybe sometime around March 2023."
As expected, we had an abc sturcture developed from the low of Oct. 13th to test the descending channel, this can be either wave 1 or [wave x]. Then, we had another abc structure completed down the high of Dec. 13th, which can be wave w of 2 or [wave 1 of (a) of z to new lows]. Either scenario, we will have a corrective abc to the upside at this point, which is labeled wave x (red) on the chart and provides a good spot to enter bearish position on NVDA, and the structure that follows next will determine which scenario is playing out.
Also, note the formation of a huge inverse h&s on the daily chart.
On the hourly chart, we are inside wave A of x.
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