Is Nvidia topping out?

Gregor Horvat Wavetraders

NVIDIA is printing a new low for the month, and if we look closely, we can count five waves down as a leading diagonal from the highs. That’s a very specific pattern where waves four and two overlap, which is allowed in this type of structure. So it still qualifies as a reversal pattern and suggests that the market could continue lower after a rebound.

Some temporary support is seen around 194, which could possibly complete this first leg of the higher degree decline before we get an A-B-C rebound. In such a case, potential resistance comes in around the 214 to 218 area while the market trades below the latest high at 236.6, which serves as the short term invalidation level for this pullback.

Overall, it looks like NVIDIA is stepping into a higher degree correction. For those looking for opportunities, I think it’s better to remain patient and wait for larger support zones. Some major support levels come in around the 154 to 160 area.

Highlights

Five waves down from the highs can be counted as a leading diagonal.
Wave overlap between waves two and four supports the diagonal interpretation.
Temporary support is seen near 194.
A-B-C rebound could target the 214 to 218 resistance zone.
Short-term invalidation remains at 236.6.
Higher degree correction appears underway.
Major support comes in around 154 to 160.

Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.

Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

GBP/USD clings to multi-day peaks below 1.3500

GBP/USD trades with marked gains on Friday, now giving away some gains following an earlier surpass of the key 1.3500 yardstick. Indeed, Cable gathers fresh steam amid the strong offered stance in the Greenback, all after US NFP badly missed expectations in July.

EUR/USD: Post-NFP bounce falters around 1.1580

EUR/USD reverses Thursday’s decline and trades with solid gains in the 1.1560 region, or two-month peaks, on Friday. The pair’s firm performance comes in a context of a sharp correction in the US Dollar as investors continue to assess disheartening US NFP readings.

How Wall Street rigs the game [Video]

In this week’s Live from the Vault, Andrew Maguire is joined by Peter Antico and Sean Stone to discuss the Paradigm of Money - an in-depth expose of financial market corruption, from naked shorting to the two-tier system that protects Wall Street.

XRP Price Forecast: XRP nears critical $1.00 support

Ripple (XRP) remains pressured on Friday, trading around $1.03 at the time of writing. The token appears to hold this current level as support but lacks a catalyst to sustain a knee-jerk rebound toward the next key resistance at $1.10.

Is Gold about to enter its biggest bull run since 2020?

Gold has stormed back into the spotlight and its next move could leave late buyers chasing. On August 5, the yellow metal surged almost 7% – roughly $174 – to close near $4,308 an ounce, posting one of its biggest daily advances in recent history. A weaker U.S dollar, falling Treasury yields, changing Federal Reserve expectations and renewed safe-haven demand all struck at once.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.