Update on NVDA

Update on $NVIDIA Corp(NVDA)$

1. The bearish argument for NVDA is playing out quite nicely since we discussed it a month ago.

2. We ended up getting one more impulse up (as predicted), which eventually turned into a lower high.

3. It's becoming increasingly obvious that we're going to see more downside based on these 3 things.

4. First, we have a head and shoulder pattern that developed with that last impulse up, and we just closed below the neckline today with confirmation. $324 is the price target for this measured move. The breakdown is shown the chart below (look for the yellow neckline and the red circle showing that we broke below it).

5. Second, we have a gap fill at $305 back in May from their Q2 earnings beat. This is confluent with the $324 target from the H&S pattern mentioned above. You can see this range in the chart below (red circle inside the red rectangle).

6. Third, the price target of $324 mentioned above is also confluent with the 200 day moving average (red bolded line in chart below, also circled). It's common for price to come back to test the 200MA.

To summarize, these 3 events indicate to me that the next move on NVIDIA is likely down, and the price targets are $305-$324.

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