SUMMARY
Nvidia (NVDA) had been uptrending and continues to do so. However, any top is always a process and never an event. This is very important to understand. The below chart shows the impulse sequence and wave 5 is likely to be the current action.
The reason why wave 5 is likely the current action is that the pattern could translate it into an ending diagonal sequence. The subwaves of white 5 are also labeld as 1,2,3,4,5 (purple); however, their overlaps are allowed in this case. IF price well exceeds $281; then the ED would become invalidated.
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A 5th wave diagonal is a bearish elliott wave pattern that forms when the bulls are getting tired. This should be good for a short soon.
Purely based on TA I have not analyzed the fundamentals at all.
The fundamentals are strong. Their last earnings they blew past estimates by something like 60%. What will it take for NVDA to loose their outperformance and correct could perhaps be an economic recession.
I expect the next recession to start in Q4 2019 or Q1 of 2020.
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Thanks
A 5th wave diagonal is a bearish elliott wave pattern that forms when the bulls are getting tired. This should be good for a short soon.
Purely based on TA I have not analyzed the fundamentals at all
Thank you Haejin for your update! I will wait and hope price won't exceed well $281 so it can begin a correction... I really appreciate your update! Upvoted!