Long

NVDIA: bottomed but may consolidate for a while. Massive upside.

NVDA is neutral on its 1D technical outlook (RSI = 45.860, MACD = -7.940, ADX = 34.317) as it corrected to a respectable extent, a correction that we have been expected as pointed out on our latest idea. The Channel Up is intact, the price crossed under the 1D MA50 and like the September-October correction, it may consolidate until it catches up with the 1D MA100. Whatever the case, this is most likely NVDIA's bottom, a symmetric -21.33% correction with an enormous upside on the 4.0 Fib extension, like the two Highs prior. For the time being our target is a more modest one on the 2.0 Fib (TP = 1,250).

See how our prior idea has worked out:

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