Nvidia (NVDA)
We warned our readers about the coming volatility in Nvidia. We sold ¼ of our position at $129 in June, as a result. However, we also stated that the drop is likely only a 4th wave in an ongoing 5 wave uptrend. So, we sent out several buy alerts for NVDA between $118 – $105 in July – August. We are now over 25% higher from our last buy alert and may reduce risk again due to valuation concerns as well as NVDA being in a risky technical spot.
As long as NVDA holds over $118, we can see a continued push into the low $130s. However, below $118, and we should see volatility return. If this does happen, $103 is the line in the sand. If we can hold this and turn higher, we will be targeting between $155 – $176 into October. Below $103 and we will set up a new buy plan to get more NVDA below $100.
Broadcom (AVGO)
AVGO had a lower drawdown than most AI stocks, which shows its strength. The pattern, as you can see, is clearly a 3 wave move down from the recent high. This tends to suggest a correction within a larger uptrend. As long as we hold over $142, I’m expecting a push to the low $200s next.
Bitcoin (BTCUSD)
Bitcoin appears to have completed a correction within a larger uptrend. As long as we can hold over $56,000, I’m expecting us to push into the low $80,000 range next. This is where we will begin taking gains after nearly 2 years of buying at key corrections.
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