Mike Paulenoff's Very Timely October 31, 2023, Heads-Up About NVDA to MPTrader Members

Nearly four months ago, on the morning of October 31, 2023, this is what I posted to our discussion room about NVDA (Nvidia Corp):

NVDA pressed to a new 4-1/2 month low at 392.30 today, and ... the price structure is peering over the edge of a multi-month support plateau (396.50 to 407.64) that if sustained, will leave NVDA vulnerable to downside continuation toward filling the up-gap left behind on 5/25/23 from 305.40 to 366.35. So far, NVDA has bounced off of 392.30 and has just crossed above 400. My pattern work argues that NVDA needs to climb above 416.70-417.60 to trigger new upleg reversal signals. In the absence of such strength, NVDA will remain vulnerable to a serious breakdown from its multi-month Distribution Top formation... Last is 399.16...

The very next day, NVDA climbed above 417.60 to close at 423.25 (see annotations (1) and (2) on my attached Daily Chart. The rest as they say "is history." NVDA never looked back and had started one of the most remarkable vertical advances in not-so-recent memory.  

Among my subsequent 63 posts that mentioned and/or analyzed the trading behavior of NVDA for MPTrader members into last Thursday's new ATH high at 823.94 was my February 2, 2024 update with NVDA trading at 660.48:

As long as any acute downside reversal and press BELOW 620 unfolds, which will trigger a sell signal in my work, my pattern work argues for still higher highs marginally above the upper channel line into a 680 overshoot of the line. The 665-680 zone area is the next Window from where NVDA could reverse sharply. However, similar to the parabolic upmove we discussed about META earlier today, if NVDA takes out and sustains above 680, the likelihood of it embarking on a parabolic up move (in case we doubt it already is in one) that has an intermediate-term Swing Target of 800-820 increases meaningfully. In other words, 665-680 is the next key inflection zone, but if taken out, I cannot rule out a runaway vertical parabolic run that projects toward 800-820 thereafter... Last is 660.48...

NVDA held the 620 level from where it took off yet again, racing to a high of 746.12 on 2/12/24.

On February 21, 2024, in the aftermath of NVDA earnings, I posted my perceptions of NVDA's reaction to the news:

NVDA-- In the last 10 minutes, NVDA climbed from a post-earnings spike low at 645 to a reversal high at 724, and looks like the dip ended a correction off of the 746.11 ATH (2/13/24) and the initiation of a new upleg that projects to 800-820... Last is 721.84... AND the conference call hasn't started yet!...

Finally, last Friday morning before the opening bell, with NVDA trading above 800, I followed up again with my interpretation of NVDA's price action:

After yesterday's 16.5% vertical assault from 674.72 to 785.75 in reaction to another extremely impressive earnings report and guidance discussion, NVDA has climbed to another new ATH at 806.20 so far this AM, which has entered my optimal intermediate-term Swing Target zone of 800 to 820. While NVDA certainly does not have to peak and reverse into a correction from 800-820, the target zone nonetheless represents a very significant intermediate-term technical objective from the October 2022 low at 108.13, and as such, is the next higher resistance area from where a meaningful correction could unfold... and as such, it should not be dismissed... Last is 803.60...

NVDA hit a new all-time high at 823.93 during the first hour of trading on Friday, and thereafter, entered an increasingly volatile two-way trade between 780 and 805, which to my mind is the first clue that satisfying a 16-month Swing Target is exerting some directional resistance-- if only temporarily. In any event, I am certainly gratified that my various pivot points and interpretations of NVDA's price behavior represented "value-added" for our members. It is the most recent example of my "mission" for MPTrader members.

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