NVIDIA Corp. (NVDA) Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

NVIDIA Corp. (NVDA) Elliott Wave analysis

Daily chart analysis

Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Minor Wave 2.
Direction: Upside toward wave 3 of (5).

Details:

NVIDIA (NVDA) is showing signs of a potential bottom in Minor wave 2, following a deep correction. This could mark the beginning of a bullish move in wave 3 of (5). An alternative scenario suggests that NVDA may still be correcting within wave (4).

A key level to watch is $100—as long as NVDA remains above this price, it supports the wave (4) completion and strengthens the case for further upside in wave 3.

One-hour chart analysis

Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave {i} of 3.
Direction: Upside in wave {i}.

Details:

On the 1-hour chart, NVDA appears to be correcting within wave 2, forming a three-wave corrective structure. To confirm upside resumption, further confirmation is needed. Traders should monitor price action to validate the continuation of wave 3, presenting a key opportunity for bullish setups.

This Elliott Wave analysis provides insights into NVIDIA's short-term and long-term trends, helping traders anticipate potential market movements.

NVIDIA Corp. (NVDA) Elliott Wave technical analysis [Video]

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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