Jul. 23 at 1:20 PM
Most people are chasing the hottest AI names this week.
I'm spending more time watching
$IGV.
Honestly, this chart has been incredibly clean. Every bounce has followed the technical roadmap, and once again price got rejected almost exactly at the 0.5 Fibonacci retracement.
That's not something I ignore.
As long as the 200-week moving average is under pressure, I don't see a strong reason to get aggressive on software.
My base case is still a move toward
$60 before a more meaningful bottom forms.
If that happens, it probably won't just be IGV.
I'd expect names like
$NOW,
$CRM,
$SNOW, and
$DDOG to feel the pressure too.
I'd rather be patient than force a trade just because everyone else is excited.
Ready for the bell? Any surprise news overnight? Risk first.
