Since Nvidia has started to implode in a dramatic fashion, is it time to buy the “Dip”? That might work in a bull market but the bull market is over! The crash of Bitcoin miners sure had an impact on the Nvidia stock price. There is far more pain coming for those that think we are still in a bull market. My bottom trend line might not hold back anything as there are also several gaps still open below present prices. We do have a huge open gap above current prices, but this gap can remain open for decades. The mania tech bubble of 2017 has come to an end and if we have no idea what happens after a tech wreck, or “Any” other financial wreck still to come, then we would still be far too early taking any long positions.
Markets return to their previous 4th wave of one lesser degree, but in bear markets that can just be wishful thinking. NVDA can fall well below my Intermediate degree “B” wave bottom location at the $15 price level.
None of this wave structure will work under true Impulse wave counting methods, as this chart belongs in the Diagonal world which most wave analysts ignore. Everything that NVDA produces is commodities related, but also security has become a major issue.