Details: As explained on the chart we could be having a larger top soon to be in place in wave (5) instead of 5 and that could mean a larger pullback would be due. In addition we could see upside target at TL8 at 800$.

NVDA Elliott Wave Analysis Trading Lounge 4Hr Chart, 21 February 24.

NVDA Elliott Wave technical analysis

Function: Counter Trend.

Mode: Corrective.

Structure: Flat.

Position: Wave (a) of {iv}.

Direction: Completion of a three wave move in wave {iv}.

Details: Looking for a three wave move into wave {iv} we as of now we would have a much smaller wave {iv} compared to its wave {ii}. We could see Medium Level 650$ act as support.

Welcome to our NVDA Elliott Wave Analysis Trading Lounge, your go-to source for comprehensive insights into NVIDIA Corp. (NVDA) using Elliott Wave Technical Analysis. As of the Daily Chart on 21st February 2024, we delve into significant trends guiding the market.

NVDA Elliott Wave technical analysis – Daily chart

In terms of wave dynamics, we identify a dominant impulse function with a motive structure. The current position is in Minor wave 5 of (1), indicating a pullback in wave {iv} of 5. There's a possibility of a larger top being imminent in wave (5), potentially leading to a larger pullback. Additionally, an upside target at TL8 around $800 is plausible.

NVDA Elliott Wave technical analysis – Four hour chart

Here, the wave function shifts to a counter trend mode with a corrective structure, specifically a flat pattern. The present position is in Wave (a) of {iv}, signifying the completion of a three-wave move in wave {iv}. We anticipate a three-wave move into wave {iv}, with Medium Level support around $650.

Technical Analyst: Alessio Barretta

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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