There's a lot of speculation NVDA is overextended and, well I can see their point.
But maybe through the last years we have had waves 1 and 2 of Elliot. Which would mean we're in wave 3 and in wave 3 "Overextended" does not really exist. A super consistent trend is what is the norm.
Wave 3's are incredibly easy trends to follow but a lot of the time in wave 3 people spend more time trying to call the top than follow the trend.
If we're in the Elliot waves, NVDA has a lot more pain to bring to those who want to bet against it.
But maybe through the last years we have had waves 1 and 2 of Elliot. Which would mean we're in wave 3 and in wave 3 "Overextended" does not really exist. A super consistent trend is what is the norm.
Wave 3's are incredibly easy trends to follow but a lot of the time in wave 3 people spend more time trying to call the top than follow the trend.
If we're in the Elliot waves, NVDA has a lot more pain to bring to those who want to bet against it.
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A bit over 900 now.
I think there's a good chance we're very close to a reversal in this now.
I think there's a good chance we're very close to a reversal in this now.
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Can make a good bear case now. Granted with the caveats of final spike risk in the event the bear thesis is 'mostly right'.
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I think this might be the end of the NVDA rally.
Also possible the fully 1000 expansion fails and we're close to a high in NVDA. Either way, I like the 800 area for a short.