....a further -4% downdraft at least to hit 5186 early Aug lows, probably over the course of next week. NVIDIA's survival test of its major support of $98.90 would be crucial. Van Eyk Semi ETF (SMH) is within -1.53% of breaking below its major support level defining first X-mas tree with possible move some -7% below.
....a drop to 5,000 would be within limits of 'mini-crash' i.e a further -7.5% retracement from now.
...Beyond this correction, it remains to be seen how event(s) unfold.
S&P500 Update. Probable paths depicted below. It's a process.
https://x.com/great_martis/status/1832163637462757588
1 year view
S&P 500 Index Chart — SPX Quote — TradingView
NVIDIA Stock Chart — NASDAQ:NVDA Stock Price — TradingView
SMH Stock Fund Price and Chart — NASDAQ:SMH — TradingView
...because this Mag7 index is not closely followed, we actually didn't realise that it does look like the AI bubble has popped.
Magnificent 7 Update. No trickery, just good old- fashion technical analysis. A near- perfect call since my July 19th call. Below, updated chart which includes a probable path.
https://x.com/great_martis/status/1832169583207444540
