$NVDA – Swing + Potential long-term Runner – Kyle Templin@InvestingAngles
UPDATE
If the white path becomes the primary path (and there’s a good possibility it does), then targets will be adjusted lower as this has the potential to abide by a classic Fibonacci pin-ball set-up.
There is also the potential that this wave down is truncated, suggesting a swift move higher – although this possibility has very low odds atm, it can’t be ignored. Having our position in profit alleviates any stress associated with this scenario.
No other changes or alerts.
GLTA!
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The hardest part is now in the rearview mirror – moving the position into profit.
STOP is moved into profit and will likely remain here until the first target is achieved or this stop is triggered.
STOP = $490.86
The 5-Day candle closed today as a Dark Cloud Cover, and if the next candle confirms this one by closing under this candle, then a short-term top will be in place.
The 10-day candle closed today as a neutral (or very weak shooting star) candle, and its closing print allowed the bearish pressure to remain by closing under that white line.
This instrument is beginning to turn larger time frame candles bearish. Up next is the weekly time frame and then the 10-day; if these time frames turn bearish, then the monthly close could provide clarity to the mid-term direction.
As targets become more realized, updates will be provided.
Until then, enjoy the ride!
GLTA!
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Today’s PA allowed the position to reduce its capital risk.
The stop is updated to $499.28, reducing risk by roughly $2/share.
The daily candle is a Bearish Engulfing candle suggesting at least one more day of lower prices, perhaps more.
The weekly candle managed to stay withing the upper shadow of the previous shooting star, allowing the bearish pressure to remain.
The 2-day and 3-day candles closed today, both are dojis, suggesting indecision – both could also be construed as spinning top dojis, but it’s a bit too early to peg them with that label until more PA develops.
What is of interest on the 3-day candle chart is this glaring gap. Wonder if it will ever get filled?
The above 10-day candle will close next week (Wednesday), and it needs to close under that white line to become bearish.
The above 5-day candle will also close next week (Wednesday). It has a chance (albeit less than 20% atm) at morphing into a bearish engulfing candle, and if it does, it could mark the top to this Super Cycle wave V in a very similar fashion as the Super Cycle Wave I’s top (see below).
It appears, the middle to end of next week could provide an important short-term (maybe longer) pivot for this instrument.
Potential EW counts are above.
Happy Holidays &
GLTA!
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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.
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