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.

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