Chart of the day

Where do we stand fundamentally?

NVIDIA faces increasing competition from rivals like DeepSeek, which claims to have trained its AI model at a fraction of the cost of traditional methods. However, analysts doubt the validity of DeepSeek's cost estimates and believe NVIDIA's premium chips will remain in demand.

The NVDA is retesting the broken rising wedge 137 level. This is strong near-term resistance for an upside continuation, and I see this still as a fourth-wave pullback. A break above 140 can invalidate this view and lead to an immediate extension higher in the fifth wave.

We are in a possible fourth-wave pullback which can take us to 97.40. A breakout above the resistance 137 level will lead to an extension higher. A break below 127 will confirm the downside breakout.

_{You can take a near-term short-trade entry with an SL above 142 to target 105 and lower.}