Chart of the day

NIVIDIA is reaching the uptrend channel support 408. A bounce higher from here is opening an upside swing to the 452 again.

This is viewed as the completion of the medium-term fourth wave pullback of the five waves upside. A break below 408 is now required for a downside reversal and an invalidation of the immediate continuation in the reversal higher.

Long trade, you can open here with a stop loss just below 408. You can only open short trade entries in the case of a confirmed break below 400 if you got stopped out. We favor the long trade entries as we expect an upside extension from this strong support near the uptrend channel support line. There is also a possibility to trade this with options.

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