The Long Investor

$NVDA

Added 2025-03-04 11:41:39 +0000 UTC

$NVDA did a lot of the damage to the market yesterday as it pulled back -8.69%, wiping out over $230 Billion in Market Cap in one session.

Losing the support line that has been in place since April is a sign of weakness and the price is currently battling to hold the 0.618 Fib at $114 too.

A flush down to $104 is still possible and can still keep this Wave 5 valid as an ending diagonal count (which is only found in Wave 5, so this will help us confirm that the bull market is coming to an end) but bulls must find support soon

My red danger range has not changed since I first added it at the start of the year so it needs to be respected.

The issue with $NVDA breaking down is that it is so heavily correlated with all of the Mega Caps Stocks, in terms of supplying them chips and how much their share prices are in sync that I think the market will struggle to hold its impulse structure if $NVDA breaks down.

I will be watching this closely for us this week.