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The Long Investor - $NBIS part 2
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$NBIS is down about -12% today to $151, and it has lost the 200 Day MA at about $178
The count for me is that Wave 3 topped at the 1.618 Fib at $281, and now Wave 4 is tapping the 0.5 Fib at $146, right above the invalidation line at $143 but we must acknowledge that there is certainly weakness in this market wide tech sell off
The reason is the AI trade getting hit hard after $AMZN and $INTC, with $MSFT capex also lower than expected, and $CRWV and $IREN are down with it.
The Street consensus is about $243 to $281 from 22 analysts, with a high of $410 and a low of $84, but those were set before today's drop.
Wave 4 can not infringe upon Wave 1, and I believe holding $143 keeps the Wave 5 count alive towards the 2.618 Fib at $410.35.
Below that, the 0.618 Fib at $115.42 is the Bear Case and the downside risk....which is also a level I would personally find very attractive to add.
Earnings are expected on November 12, so patience, we wait for the support to confirm.
$NBIS is down about -12% today to $151, and it has lost the 200 Day MA at about $178
The count for me is that Wave 3 topped at the 1.618 Fib at $281, and now Wave 4 is tapping the 0.5 Fib at $146, right above the invalidation line at $143 but we must acknowledge that there is certainly weakness in this market wide tech sell off
The reason is the AI trade getting hit hard after $AMZN and $INTC, with $MSFT capex also lower than expected, and $CRWV and $IREN are down with it.
The Street consensus is about $243 to $281 from 22 analysts, with a high of $410 and a low of $84, but those were set before today's drop.
Wave 4 can not infringe upon Wave 1, and I believe holding $143 keeps the Wave 5 count alive towards the 2.618 Fib at $410.35.
Below that, the 0.618 Fib at $115.42 is the Bear Case and the downside risk....which is also a level I would personally find very attractive to add.
Earnings are expected on November 12, so patience, we wait for the support to confirm.
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