DETAILS: We are looking at a bottom in wave (4) which also ended near the area of the previous 4, very common EW tendency. Looking for further upside as we broke above 120$.

NVDA Elliott Wave Analysis Trading Lounge 1H Chart,

NVIDIA Corp., (NVDA) 1H Chart

NVDA Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Minute {iii}.

DIRECTION: Top in wave {iii}.

DETAILS: We are looking for an extension in wave {iii}, with common third wave target at 130$, which corresponds to the end of MG1. Looking for 130$ as upside target to be reached, to then look for a correction in {iv}.

Welcome to our latest Elliott Wave analysis for NVIDIA Corp. (NVDA). This analysis provides insights into NVDA's price movements using the Elliott Wave Theory, helping traders identify potential opportunities based on current trends and market structure. We'll be exploring both the daily and 1-hour charts to offer a comprehensive perspective on NVDA's market behavior.

The recent price action suggests that wave (4) has likely reached a bottom, coinciding with the area of the previous wave 4, a common Elliott Wave pattern. The breakout above the $120 level strengthens the case for further upside as wave (5) begins to unfold. Traders should monitor the continuation of this uptrend, as wave (5) could propel NVDA to new highs.

In the short term, NVDA appears to be extending within wave {iii} of (5). The typical third wave target lies around the $130 level, which also corresponds to the end of Minor Level 1 (MG1). This target acts as a potential resistance level where traders should be cautious and consider a potential correction in wave {iv} after the target is reached.

Author

Peter Mathers

TradingLounge

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

GBP/USD loses momentum, flirts with 1.3200

GBP/USD is struggling to maintain its positive bias on Thursday, retreating toward the 1.3200 region in response to the pick in the buying interest around the Greenback. That said, Cable remains under scrutiny as cautious market sentiment keeps investors focused on the US-Iran conflict and political effervescence in the UK.

EUR/USD trims gains, challenges 1.1400

EUR/USD now gives away part of its earlier advance, receding toward the 1.1400 contention zone on Thursday. Meanwhile, the pair’s recovery comes amid extra losses in the US Dollar, at the time when while investors continue to monitor developments in the Middle East and sentiment surrounding global technology stocks.

Gold remains bid and close to $4,100

Gold accelerates its recovery and approaches the key $4,000 mark per troy ounce at the end of the week, adding to Thursday’s advance. However, expectations for a hawkish Fed remain steady and keep the yellow metal’s potential upside contained.

Crypto Today: Bitcoin at $60,000, Ethereum at $1,500, and XRP at $1 face a make-or-break test

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading in the red on Friday after three consecutive days of losses, testing their respective make-or-break support levels.

Week ahead – NFP report to challenge Dollar strength and the hawkish Fed

Dollar strength dominates markets, as the hawkish Fed overshadows geopolitics and lower oil prices. NFP week could drive September Fed hike expectations and boost market volatility. The euro lacks fresh bullish catalysts, all eyes on the preliminary inflation report and the ECB Forum.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.