Essentials Positions Update: MSFT & NVDA

Microsoft is a very mature pattern. Our long-term target is $378, which it is struggling to push through. This target completes the large uptrend that started in 2009, so a sizable pullback is expected when the current rally ends – sometime between now and late March/early April, is our best guess. Though it looks likely that the October 2022 low was a major low, we should see a sizable pullback into 2024/2025. However, before that, Nvidia looks like it needs to push towards the $545 - $600 level to complete the large 5 wave pattern off the 2022 low. Below $480 and risk becomes quite elevated that this is playing out.

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