Now that the market is utterly falling to pieces, I was curious to know what I wrote back at the VERY TOP of the market, July 16th, when the VIX was at 11 and I absolutely detested trading and could barely bring myself to compose posts for Slope. Well, here it is – – and it’s about Nvidia. I wrote the following, which should be chiseled into granite with its date:
For 22 months (!), NVDA has politely traveled within the tidy confines of an ascending price channel. I suggest keeping a close eye on this dashed midline. A failure here would open up the prospect for a trip down to the price gap, marked in green, at $96.01, which is a long, long way from here.
So we went from this:
To this…………..A 30%, TRILLION DOLLAR DROP IN A MATTER OF DAYS………
Another victory for SlopeCharts.
