NVIDIA Monthly | RSI, Elliott Wave & More (Bear-Market?) NVDA i

8 août

NVDA is showing multiple "top signals"... That is, an All-Time High has been hit.
The last time NVDA peaked a year long bear-market followed.

➖ Elliott Waves

Here we have a full 5-up waves pattern.
A classic ABC correction tends to follow this pattern.


➖ RSI | Bearish Divergence

This is a classic, and this signal here is super strong because it is based on the monthly timeframe.
Notice the higher highs...
Notice the lower highs...

This is a seven and a half (7.5) years long bearish divergence: NVDA vs its RSI.

➖ Rising Wedge

The most important fact to consider here is the timeframe; monthly.
This rising wedge is already breaking bearish.


➖ Rounded Top

This is a classic pattern and clearly depicts the situation in which this stock finds itself.


NVDA is trading below 0.236 Fib. retracement as well as below the open/close of the two previous sessions. This is a bearish confirmation.


Conclusion

These are all bearish signals pointing toward a major correction in the coming months.

Namaste.