Hey all, I'm noticing many market-moving names are repeating the redistribution patterns they made leading up to the fakeout rallies and subsequent moves lower in March of this year(Namely AAPL , MSFT , AMZN ). I think NVDA is setting up beautifully for a rally higher back near the $210 zone where I fully expect it to reject and breach new lows in a violent manner. Considering the cyclical and overvalued nature of NVDA and semiconductors(which are still relatively high up), it would be no surprise to me if it were to see its pre-pandemic values well before year-end.
Disclaimer: I think we're at the end of a market cycle and are currently in a redistribution phase before the market heads to new lows(in the midst of a crash)
if people get over the nvda hype it'll definitely drop to pre covid levels. very cyclical stock priced to grow at the same rate as past 2 years forever. biggest bubble on wallstreet, far worse than tesla.
MichaelEugen1
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Not 1 for 1 what I expected but is working quite nicely all things considered. Out of most of my long position, and waiting to see how high this thing chugs into next week to see if it provides an optimal short entry.