Is Nvidia really going to play out this H&S?
I hate formation trading. I love a H&S on RSI, but on the price chart - they're just so obvious that I can convince myself they "must" play out, which has hurt me in the past.
With that said, this one is pretty nice. Sure... you'd prefer the right shoulder to be lower than the left, but I think that's just being picky. So then...IS Nvidia REALLY going to play out this 25% total H&S dump while the rest of the tech sector makes new ATHs day after day? I THINK SO, YEA
As TQQQ made new ATHs today, NVIDIA continued with the girthy red candle party and officially broke the most optimistic bull's daily neckline, and so gun to my head I'd say yes, the H&S measured move to $120-$115 is where the smart money is. First sign NDQ pulls back and NVIDIA is going to the dump.
With that said, I love to make small counter trades of my own expectations to try to keep my head honest. So while I am currently big account short, I have a speculative scalp long based on the following bullish hopium:
As you can see, the .382 fib got front run, which I ALWAYS consider bullish until proven otherwise. I would expect a retest of the .382. premarket tomorrow, and bounce or not will decide vector. Nvidia also respected the daily 200ema, which is the last line of hope on any chart I markup. The weekly 20ema is being respected thus far, which is often the line in the sand in bull markets. You also have hourly and 4 hour oversold bullish divergence on RSI. Oh and finally... rising rides and all... No healthy charts are red right now.
Scalp long entry is 130.5, SL is an hourly close below the .382 fib which is 129.6, TP is .618 138.6🤙
Current short calls for entry at 129.5 once .382 confirms failed, then enjoy a complete local retrace to $115🤙
With that said, this one is pretty nice. Sure... you'd prefer the right shoulder to be lower than the left, but I think that's just being picky. So then...IS Nvidia REALLY going to play out this 25% total H&S dump while the rest of the tech sector makes new ATHs day after day? I THINK SO, YEA
As TQQQ made new ATHs today, NVIDIA continued with the girthy red candle party and officially broke the most optimistic bull's daily neckline, and so gun to my head I'd say yes, the H&S measured move to $120-$115 is where the smart money is. First sign NDQ pulls back and NVIDIA is going to the dump.
With that said, I love to make small counter trades of my own expectations to try to keep my head honest. So while I am currently big account short, I have a speculative scalp long based on the following bullish hopium:
As you can see, the .382 fib got front run, which I ALWAYS consider bullish until proven otherwise. I would expect a retest of the .382. premarket tomorrow, and bounce or not will decide vector. Nvidia also respected the daily 200ema, which is the last line of hope on any chart I markup. The weekly 20ema is being respected thus far, which is often the line in the sand in bull markets. You also have hourly and 4 hour oversold bullish divergence on RSI. Oh and finally... rising rides and all... No healthy charts are red right now.
Scalp long entry is 130.5, SL is an hourly close below the .382 fib which is 129.6, TP is .618 138.6🤙
Current short calls for entry at 129.5 once .382 confirms failed, then enjoy a complete local retrace to $115🤙
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