Chart of the day

NIVIDIA is testing the range high 504. To extend higher, we must see a confirmed break above 504 to have the fifth upside wave extension even higher, and the fifth is not finished with this high.

A rejection here does not invalidate the fifth wave it just means we will have a swing pullback. We need to see a clear confirmed break below 405 for the short trade swing entry medium-term to be justified. Until we see a confirmed break above 504, we will be in a swing range and can only trade swing short and I expect a pullback here, especially in the case of a short-term break below 490.

Short trades could be opened here with a stop just above 504. Long trades should be opened only upon a confirmed break above 504. The instrument is making a key resistance test, which can also be traded with the options.