One stock has fell short of chipmakers' big comeback. Todd Gordon, founder of TradingAnalysis.com, sees a bigger break lower for the semis stock.
div > div.group > p:first-child"> Nvidia remains nearly 50 percent below its 52-week high set back in October, while the SMH semiconductor ETF is around 10 percent from sealing its own new record."You can see that we're in a fairly well established downtrend here in Nvidia," said Gordon."I don't even think we've retraced a third of what we've lost since the 2018 high… not even a quarter of what we've lost from the high.
"On top of that, what we'll see is Nvidia has traced out the classic three wave corrective pattern," he said."The primary trend is clearly down at this point. We've bounced from $130, you've gone up, the volume was ok, it wasn't great on the bounce, sold back down on a gap here and now we're coming back for a three wave move."
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