$NVDA (1-W): $180 or $220 first?NVIDIA CorporationBATS:NVDAColdBloodedCharterNVDA (NVIDIA Corporation) still looks weak on the weekly chart. The next earnings report is scheduled for the second half of August. The key things to watch will be whether NVIDIA can maintain its exceptionally high gross margins of around 75% and, even more importantly, the guidance for the following quarter. Competition is increasing, while financial markets are more likely to face tighter monetary policy over the coming months rather than easing. That combination could lead to a period of stagnation or even a deeper correction than the roughly 20% pullback from the May all-time high we've seen so far. Technically, the stock has clearly pulled back from a short-term 5th Elliott Wave and, for now, it looks like wave A, which found support almost perfectly within the Golden Pocket ($189.9-$192.3). The next move could be either: - a dead cat bounce toward $210-$220, or - a direct test of the $180-$183 support zone. Price action is still developing inside a Rising Wedge, with the lower boundary currently around $184. In my opinion, there's very little left on the bullish side apart from the higher-timeframe structure. In similar situations, the next phase is often a multi-month correction rather than an immediate continuation higher. As always, a lot will depend on the U.S. Dollar Index (DXY), which recently entered a new uptrend. Not financial advice - just my trading journal. 💙👽