NVIDIA failed to hold its new high and closed Friday at around $214. On the daily chart, I’m following two counts, and both are near-term bearish. In the first one, wave four is unfolding as a more complex flat, with the new high as wave (B) and wave (C) down now in play.

The second one shows a potential ending diagonal, a dangerous pattern that can cause a serious reversal. In both cases, I see room for a move back to the $190–$200 area.

Trade well, and if you’d like to follow our analysis and my views on a daily basis, you’re welcome to check out our premium services.

Grega

For a detailed view and more analysis like this, you can watch below our latest recording of a live webinar streamed on October 19:

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.