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NVDA Update: On the subject of the elephant in the room, the reaction to NVDA Earnings certainly is casting a huge shadow on the markets into tomorrow evening's report.From what I have been reading, for Jensen Huang and NVDA to clear the obligatory very high bar for Earnings, the company will have to excite investors with improvements in the forthcoming Rubin server rack that entail more compute, more efficient energy usage, and enhanced cooling ability embedded within each Rubin chip.
Today we saw more very tight sideways action, with the market trading in a very tight range, and clearly we have not made it out of the summer doldrums just yet. There is really very little that I can add to the previous updates as we continue this very slow action into the middle of the week.
Well, as of the time of my writing this update, the impulsive upside set up for wave (v) in yellow has clearly invalidated and there is a very clear set up that is pointing us down to at least the 7400SPX region for a 3rd wave decline. And, the key point to note is that as long as yesterday’s high (wave ii) is not breached, pressure will remain down in this set up.
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