The amazing NVDA 350% gain from October 2022 to July 2023 appears to be a blow off top.
Normally RSI will have at least one bearish divergence at significant tops. Weekly RSI hit its maximum at the July 2023 price top. This type of action occurs in blow off tops in commodities and in individual stocks.
Other bearish factors
1) Elliott Impulse wave up from October 2022 bottom appears complete.
2) Break below rising trendline from January 2023.
3) RSI breaks below level recorded in May 2023 project price movement to this level.
The level in May 2023 was 280. If a blow off top has occurred price could go significantly below 280.00
Normally RSI will have at least one bearish divergence at significant tops. Weekly RSI hit its maximum at the July 2023 price top. This type of action occurs in blow off tops in commodities and in individual stocks.
Other bearish factors
1) Elliott Impulse wave up from October 2022 bottom appears complete.
2) Break below rising trendline from January 2023.
3) RSI breaks below level recorded in May 2023 project price movement to this level.
The level in May 2023 was 280. If a blow off top has occurred price could go significantly below 280.00
