숏

SHORT | NVDA

Key Observations:
Current Price Action:
Price: $131.80

Recent Drop: -2.58 (-1.92%)

Support and Resistance Levels:
Immediate Resistance: $134.70 to $138.83
This red zone represents a strong supply area where the price has historically faced selling pressure.

Immediate Support: $122.74 (Target Price 1)

Further Supports:

Target Price 2: $116.65 (Aligned with 0.5 Fibonacci Retracement)

Target Price 3: $108.38 (Previous structural low)

Trendlines:
Red Uptrend Line: Recently broken, indicating weakening bullish momentum.

Green Downtrend Line: Long-term resistance trendline from the previous Lower Highs (LH) is still intact and respected.

The break below the minor trendline suggests a corrective wave (4) might be in motion.

Fibonacci Levels:
0.382 Fib Retracement: $121.22

0.5 Fib Retracement: $116.22
These levels align with potential targets in a wave (4) corrective phase according to Elliott Wave theory.

Target Prices:
Target Price 1: $122.74
This is the closest demand zone and aligns with the 0.382 retracement—high-probability support.

Target Price 2: $116.65
Aligned with the 0.5 Fibonacci level and previous consolidation.

Target Price 3: $108.38
A major structural support and potential wave (4) bottom if market turns sharply bearish.

Summary:
NVIDIA Corporation (NVDA) is showing early signs of a corrective phase after failing to break through strong resistance in the $134–$138 range. The price rejected the resistance zone and is likely entering wave (4) correction. Key support levels to monitor are $122.74, $116.65, and $108.38, corresponding with Fibonacci retracement levels and historical price structure. A break below the short-term trendline increases the probability of a continued pullback before potentially resuming the uptrend in wave (5).