Today, the market is waiting for some important data, we will get Nvidia earnings after the close. Keep in mind that even if we get positive earnings, it doesn’t necessarily mean that we will see a push higher. In fact, when looking at Nvidia earnings reactions since August 2025, we can see that even after positive numbers, the stock has sometimes reversed to the downside. This doesn’t necessarily mean that the same will happen today, but it’s certainly something to be aware of. I still think there could be much better opportunities if earnings are strong but we then see lower prices over the following few days.
When looking at Nvidia’s wave count, the reversal from the May highs can be seen as a leading diagonal, while the three-wave rally stopped at the 78.6% retracement. So this looks like a potential setup for a wave C sell-off, and in such case much more important support for the next rebound could be around $150–170. That’s also something to watch when we zoom out to the daily time frame, where the wave structure suggests that a deeper fourth-wave retracement could still be ahead.
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