Nvidia has recently pushed to a fresh local high, but it then rolled over into a sharp selloff. As a result, we now view the latest smaller upswing as complete, and place price action in the final downswing of the current broader intermediate correction. We expect the corresponding low to form above the $145.50 support level. After that, we’re looking for a rebound into our red Target Zone ($227.38 to $260.60), where the ongoing higher-level bullish cycle should also be completed. In the alternative scenario, the broader upcycle may have already topped out at the $212.16 peak. In that case, the stock would already be in a higher-level correction and would next break below the $145.50 support (probability: 33%).
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🚀 Spot trends early with momentum, sentiment & price structure
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