Chart of the day

Where do we stand fundamentally?

NVDA published Q2 earnings that beat estimates and revenue increased. The estimates for the next quarter's results are also good. Pullback occurred as technical profit-taking and because of some legal issues, NVDA facing is in the US which is presumably overblown.

NVDA is supported by the 100 level of a broadening wedge for a ride to 124 resistance which is the most important resistance for a continuation higher in the fifth upside long-term wave and to complete a complex broadening wedge consolidation in the fourth wave. We need to see a break above 124 for the upside continuation in the fifth upside wave to happen and gain traction.

An invalidation level of a fifth-wave long-term extension higher and a bullish cycle is 97. As said this extension higher could lead to 150 and 170 targets in the medium-term to long-term if we get a confirmed break above 125.

_{Try a long trade entry with a stop loss below 96 to target 125 and higher upon a break above 125.}