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The ascending channel, in place for a full TWO YEARS now, has been unviolated. That is, until today. The lower trendline has been cracked, and I believe this may be a badly needed bit of good news for the long-suffering bears. The entire semi space appears to be toast at this point.
I wanted to point out a subtle but important little failure: NVDA has broken beneath its horizontal. This isn’t a huge deal, but it puts us on a potential path toward something much more important…….
On Friday morning I was looking at an interesting bull setup across the Crypto instruments that I look at every day. You can see that here if you’re interested in my Crypto channel on YouYube.
On Bitcoin (BTCUSD) a small but bullish leaning falling wedge was starting to break up, and I was saying that I was expecting that to deliver a retest of the all time high in due course. That has delivered now.
BTCUSD 15min chart:
The big news tomorrow is NVDA earnings. The big news today, however, is World War III, or at least if you consider Twitter a reliable amalgamation of what’s going on out there. Gold is into that kind of thing, which is why it’s up $100 over the past few days.
As I hope you know, the big event this week is NVDA earnings after the close on Wednesday. I’d like to offer a bit of a fantasy piece below, which I think is a plausible outcome over the next several days in these charts, assuming Nvidia doesn’t absolutely knock it out of the park.
