If NVDA already had his top, then the wave 5 would have completed on 1/7 (see the red count V??? in chart). In this case, what we are seeing now is a B wave bounce, and 0.618 is likely the high of this B wave bounce could get to
However, if yesterday's event is a non-event, then we simply move wave iv to yesterday's low, and we are now starting a new 5 wave uptrend. However, even under this scenario, the wave 1 of this uptrend would also see a retrace at some point. It is hard to predict where this wave 1 ends, but given that blue 2 will eventually happen anyway, targetting 132-136 seems to be a good area
Net-net, 132-136 could be a good place to write cc. If we are in blue route, you can always roll up you cover cc in case blue 1 runs higher than what this chart indicates, and then cover it when blue 2 happens.
These are normal conditions. But NVDA is nothing but normal, there is no way to tell if it will for sure rise to 132-136 area. I also marked 0.382 which is minimal area it has to get to in order for us to consider this as a bounce.
