The Long Investor

$NVDA

Added 2025-01-11 13:11:05 +0000 UTC

This inverse head and shoulders pattern is not pretty but still valid and can still bring the price action back above the $141 level and to the Wave 5 target at $160

That being said and I'll discuss this at length tomorrow but the $SPY chart is not looking pretty now....we spoke during the week about testing the 50 Day MA from below and what would happen if the price rejections here and it has now....so this is a concern for the market for next week, so the bulls will need to start Monday very strong and save the structure or we will be looking at a significant pull back.

$NVDA will be playing a big part in this, if $NVDA can not get above $141 and hold then the market will struggle to complete the Melt Up scenario on a lot of the Mega Cap charts in the Top 20.

I am still holding and giving the price acton time to work but under $127 and I will consider going back to cash for a cost neutral transaction.