$NVDA – Swing + Potential long-term Runner –
UPDATE
The long-term EW count is above. If this count is correct, then NVDA has completed its Grand Super Cycle Wave One and is ready to begin Grand Super Cycle Wave Two.
The monthly candle closed today as a hanging man candle that will require confirmation with the next candle close.
The weekly time-frame is trying to negate the previous shooting star by closing the body of this candle over the upper shadow of that shooting star – the number to watch is $502.66.
Today’s daily candle closed as a doji. What is the most intriguing aspect of this daily chart is all of the recent bullishness has been well contained within that large red candle. Coincidence?
The set-up is above. Short via spot from today’s PA in after hours or in pre-market or in the am session ~ $492.
Enter ~ $492
Stop @ $502.11 (this will be adjusted ASAP – this stop should give a lil cushion for tomorrow’s session)
RISK ~ $10.11/share
Target 1 = $435 R/R = 5.64
Target 2 = $410 R/R = 8.11 (This target maybe adjusted lower if PA suggests it)
Runner = $322 R/R = 16.82
If all the above targets fill out, then this would likely qualify as the (A) wave down, of a much larger A wave – with the expectation of a Grand Super-Cycle Wave Two that could last the better part of this decade.
Because of the risks involved with this trade, one shouldn’t risk more than 1% of their trading account on this set-up. With risk being very contained on a per share basis, one could risk way less than 1% and still achieve a strong reward.
For example, if one were to risk around $100 on this set-up, it would allow a purchase of roughly 10 shares. Assuming Target 1 is obtained, it would create an estimated profit of $550; if other targets are also achieved, then this number is even higher.
The aim of each set-up is to minimize risk, so it only takes a few wins to grow one’s account.
GLTA!
For all important and up to date posts visit our Telegram link:
Trading involves risks, and you are responsible for your own trades and decisions. The information provided above is for entertainment purposes only and is not a recommendation to purchase anything related to this instrument or other instruments of similar composition.
PREVIOUS WRITE-UPS BELOW:
None
