NVDA, SQ updates 09/11

NVDA: Monthly chart shown and counts best as completing an ending diagonal minor-5 wave to complete intermediate-iii. Ideally we see downside first to complete minute-d, to be followed by minute-e. In this case –iii likely won’t exceed $300 before –iv brings price down to around $200. The alternative is standard impulse up off the minor-4 low with minute-iii now underway.



SQ: Massive extension upon extension in this major-5 wave. Price is now likely completing minor-5 of intermediate-iii of major-5. I counted it this way since price in July reached the typical 3rd wave Fib-extension of 138.20% then fell to the typical 4th wave support at the 100% extension and then rallied to the typical 5th wave 200% Fib-extension. But it decided to add on some more… “Impressive my young padiwan” as they say 😉 The alternative is even more bullish with only wave-3 of iii about to complete. But for now I find it less likely and therefore it is an alternative interpretation. Note the negatively diverging money flow index: less and less money is flowing into this stock as these lofty levels.  The price targets for –iv and –v (to complete III around $120) are given.

sq monthly