NVIDIA (NVDA) is in the middle of a major bull run that should last several months if not years. However, the shorter term picture shows an Intermediate degree wave (1) ending, and a wave (2) in the works. More importantly, and more desirable, is that a Minor wave C down is about to get underway. C waves are third waves and so they are impulsive and very strong. I expect this stock fall around the 50% Fibonacci retracement level at $41.47 before looking for any meaningful bottom. Here is my short trade:
Buy to open NVDA Aug 40/47 put spread for $2.09
PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.
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