The Long Investor

$NVDA

Added 2024-08-28 11:14:13 +0000 UTC

The big one.

Earnings out later and I think everyone on the planet may be aware of this.....at least inside of the financial world anyway.

I have spoke about this before and at length in the weekends briefs and I think it is too close to call

Any blemishes on the report, especially on delays with Blackwell and the market may not take kindly to this....but I think the earnings report will be a strong beat regardless, the devil will be in the detail.

So looking at the bounce since the 0.38 Fib test at $91 on the 5th of August:

The first pull back held on the 0.618 Fib at $97 = Standard for Wave 2

Price then bounced aggressively, which is common in = Wave 3

We then got a sideways weak pull back so far to the 0.236 Fib exactly to $123 for what is potentially = Wave 4.....we usually expect Wave 4 to pull back to the 0.38 Fib at $118 (this may also happen today or directly after earnings as a reaction.)

So once $123 or $118 is held, the price can move higher to complete Wave 5.

If the price holds here on the 0.236 Fib at $123, then Wave 5 can complete at $142 as shown by the green line.

BEAR CASE:

If the market is spooked and there is not enough in this report or the guidance is concerning, then we could see a harsh decline, below the 50 Day MA and $118....and this could trigger the start of Wave C.