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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.
With the lower low we saw today, the bears are certainly trying their best. You see, this now looks like a really nice 5-wave decline, which would tip the scales towards this being wave i of 3 down in the more bearish (c) wave path.In looking at the bullish side, in order this to retain its wave ii status, it would mean that the SPX had an a-b-c pullback, wherein the c-wave was equal to .618 the size of the a-wave. This is not a common ratio we see within a-b-c structures. It is much more common in a 5-wave structure.
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