$NVDA, usually has issues at 3.118 extension, currently at 116.80 for the micro pattern, chart here (link); you see the gray 3, that’s the standard extension for wave 3, but NVDA extends to 3.118, this is the reason we considered that once above 111.08 a target to 114 was secure, so far we executed trade well, right now all stops must be set at 110.20.
With only three waves up off of the lows there is no reason to make NVDA a core position yet; .764 retrace from lows is 116.22 chart here, (link), needs to hold a wave iv and give us wave v to turn NVDA into a core, but for as long as our support at 110.46 can continue extending higher and we should do well staying long specially if previous high at 120 area is taken.
GDX/NUGT
Immediate resistance for GDX is 22.10 and immediate support for NUGT is 8.69 followed by 8.30, so two conditions have to be met for we to trade the long side with some certainty: GDX must take 22.10 advancing through 22.50 and NUGT has to hold 8.69 and 8.30 at all times.
Mid day Update on NUGT
In the blue count, NUGT has completed wave 3 at the 6.854 extension and for practical purposes that’s all what matters, chart here (link); 8.08 and 7.72 are levels to watch, but considering all what extended we should not look for any continuation in wave 3 but to look for the target for wave iv in the 7.83- 7.39 range.
We could post more about the gray subdivisions in i-ii/i-ii but that’s irrelevant at the moment. 9
