The Morning After NVDA Earnings

Good Thursday Morning, MPTraders!  August 24, 2023 Pre-Market Update: The morning after NVDA... The morning before Fed Chair Powell's Jackson Hole speech... 

As for NVDA, it hit a post-earnings blow-out high at 520 last evening, which we see on my attached 4-Hour Chart positioned the stock in the upper boundary zone of my next higher target zone from 500 to 535, and more importantly from a nearest-term perspective, challenging the upper boundary line of the dominant bullish multi-month 2023 price channel. 

After hitting 520, NVDA has pulled back to the 503-506 area. My near-term pattern work is warning me that the most recent upleg from the 8/14/23 pullback low at 403.11 to last eve's (8/23) high at 520 is a completed advance, which if reasonably accurate, means that NVDA is entering a corrective period. The $64,000 question is the magnitude of a forthcoming correction? My work argues that as long as any forthcoming weakness is contained above 453 (worst case pullback), NVDA subsequently will climb to higher-highs above 520. 

However, a breach of 453 will indicate that NVDA is in the grasp of a potentially much deeper correction that will press to a test of 400, and if violated, will project to 320-340 thereafter. Last is 503.50...