This daily chart is using a Fib Retracement Indicator starting August 24th,2023 to document the potential top of NVIDIA's run. Coincidentally the bottom of the Harmonic Pattern showing the double top is in almost perfect alignment at the Fib Line of 4.236 or $845.54 which should be the point of exhaustion for the run yet the price went higher up to approx.$967.00 to top out and subsequently retest that top a second time. Given that the overall trend is still fully dynamic in Bullish Form in following the 50 and 200 day EMA's there could possibly be a triple top however my price targets for a pull back are outlined in black at $849, $822, and $796. Certainly the expectation is also possible to reach the 3.618 Fib Line at $779 before the next leg up above $967 based on the Historical Significance of NVDA's product lineup and World Leading Market Share.
Commentaire:
Definitely a triple top with a strongly divergent MFI on this 2 hour chart. I added my potential targets in black. With the Quarterly Financials due out next week there is a lot less news around NVDA and it's already known all too well that the sector is pulling back a bit right now. They still might beat the streets estimates but imho this time around it won't be by nearly as much as in past QF's. They'll close the year very strong and Guidance going forward is known to be spectacular but be forewarned about a pending Bear Market next year that will have the entire economy slowing down. Jensen Huang has a knack however to put a positive spin on everything so don't be surprised if there might be a small pop next week but I don't think it'll be sustainable.