| | | | The wave structure here is pretty textbook: this will be an A-wave down, a B-wave retrace, and a C-wave down. And here's the critical part — if we don't hold that C-wave down zone, it's going to take a trip down to that bigger 61.8% retracement.
But if that happens, it sets Microsoft up for an even bigger climb out of there.
Nvidia's been grinding, and anyone watching it knows exactly what I mean. Look how long it took grinding on that consolidation level. I think it needs a bigger correction before it can make higher prices again.
Could I be wrong? Sure. It could just sit here and consolidate for like six more months and then go ripping again.
The next upside target for Nvidia is $300, but the easy thing for it to do is to retrace, build up some energy, and go higher again. That's often how the best moves develop — not from relentless grinding, but from pullbacks that create the energy for the next surge.
The key takeaway here is patience. These aren't stocks to chase right now. They're stocks to watch, to map out the retracement levels, and to prepare for the reentry zones that could set up much bigger opportunities down the road.
Now be sure to join me live at 9:15 a.m. ET for “Morning Monster,” my market-open livestream on YouTube!
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