Yesterday did a lot of nothing as the market chopped around a little green and a little red throughout the day to close a little green. I don't know if the low is in or not but if it's not it's super close now. We hit 483.86 on Friday and the FP was at 483.00, which might be "close enough"... hard too say for certain.
My history of them though has them hitting a piercing by a small amount before they are officially fulfilled. The only real question is... was it a real fake print or just a late fill that just happens to be close to where we've pulled back to? Sometimes those intraday FP's are just late fills from the prior open or closing price.
The really good FP's are the one's that are way away from the current price level that the market is trading at when they come out. That's why I'm very confident that the 533.01 FP is a real one as the market was way away from that level when it came out (it was at 571.22). So, whether we go down one more time to hit and pierce it or it's finished we should start the next big rally up after the earnings come out this Wednesday for NVDA.
The point here is that the market is carving out a bottom and super close to starting the last rally up, which could top out by the end of next week, or it takes a little longer and drags out into the first week of December. The target is still the same, which is 160.22 on NVDA, which I think will be close to my FET of 6435 as well. As for the short term, I don't have any lean... chop is all I see today.
Have a blessed day.
