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NVDA Watch-- If the resurgence of NVDA stock (+30%) during the past 9 weeks is the poster child for the entire market, then we should pay close attention to any weakness from yesterday's new ATH at 243.37 to determine if it represents a minor pullback within a larger, developing, incomplete advance, or something more damaging to both the stock and the overall market...My pattern work argues that NVDA weakness must be contained above 230 on a closing basis to avert inflicting potential significant technical damage to the post-August uptrend setup.
Today, the market pulled back and broke the support level that had been keeping the potential impulsive micro pattern off the 10/1 low intact. With that break of support, we are now left looking at another potential ending diagonal pattern to complete wave c of (v) within a larger diagonal. That larger diagonal could be either a leading diagonal per the yellow count or an ending diagonal per the red count.Now, this smaller-degree diagonal off the 10/1 low certainly has its issues and is far from ideal.
With the expected decline today, the metals market is clearly closer to the completion of its correction. But, I just do not have sufficient evidence to suggest that it is done.While silver has now dropped to the top of the next target/support box on the 5-minute chart, the rally off that low really counts best as a 3-wave structure. And, since a c-wave or a wave iii would be a 5-wave event, we have no indication that the floor to this correction has been found and that a rally has begun.
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