$NVDA range $153 region to $70s

Update on the short idea:

Levels on the downside the same, timing was off.

Originally thought we'd top at $117.6. We ended up rejecting the resistance at $115.6 and going down to $107 and have since broken to new highs.

Now the chart has become much clearer with the recent price action.

Think we'll likely see another push higher tomorrow or early next week up into the $142-153ish region. Then after that, I think we'll retest the lows down in the low $70 region as price has largely just gone higher since the end of April and hasn't confirmed any support levels on the path up.

The major imbalance in the chart will get resolved to the downside. Months of gains will be wiped out quickly.

Komentarz:

Unlikely that it gets a new high, at least before a large move down to the lower supports.

Puts working, took some short term calls just incase we see a small bounce into tomorrow-Thursday.

Komentarz:

Forgot to update but exited my calls yesterday. We saw an initial pop higher this morning into resistance and now faded.

Probability leans to more downside from here. Especially with MU selling off after earnings.