Nvidia Elliott Wave outlook: Larger pullback on the horizon [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Nvidia (NVDA) continues its remarkable ascent, consistently reaching new all-time highs and reinforcing a robust bullish outlook. The ongoing rally, which began from a significant low on April 7, 2025, remains structured as an impulsive wave pattern, indicative of strong upward momentum. However, despite the potential for further short-term gains, the cycle appears mature. This suggests a larger-degree pullback could be imminent. Investors should exercise caution when considering chasing this rally in shorter time frames, as the risk of a corrective move grows.

In the short term, the cycle initiated from the June 2 low is progressing as a lower-degree impulse. From this low, wave ((i)) peaked at $144, followed by a corrective pullback in wave ((ii)) that concluded at $137.88. The stock then surged in wave ((iii)) to $159.42. The subsequent wave ((iv)) correction unfolded as a double-three structure, with wave (w) ending at $151.49, wave (x) at $154.98, and wave (y) completing at $151.10, finalizing wave ((iv)). Currently, Nvidia is advancing in wave ((v)), exhibiting a five-wave subdivision. Within this, wave (i) of ((v)) reached $160.98, with a minor pullback in wave (ii) concluding at $157.34. As long as the pivotal low at $142.01 holds, any near-term pullbacks are likely to attract buyers in a 3, 7, or 11-swing pattern, supporting further upside potential. This technical setup underscores Nvidia’s strength but highlights the need for prudent risk management.

Nvidia 60-minute Elliott Wave technical chart

Nvidia Elliott Wave [Video]

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD sticks to daily gains above 1.1700

EUR/USD is holding its ground above 1.1700 the figure on Thursday, reversing Wednesday’s modest pullback. The pair is finding some support from an improved market mood, helped by easing EU–US trade tensions, while investors keep assessing the latest round of US data releases.

GBP/USD appears inconclusive near 1.3420

GBP/USD alternates gains with losses in a tight range in the low-1.3400s on Thursday, while market participants continue to evaluate the latest UK inflation data. Meanwhile, occasional downside pressure on Cable should be limited by the ongoing downward bias in the Greenback.

Gold recedes modestly, meets support near $4,770

Gold is steadying above $4,800 early Thursday after taking a sharp hit during the Asian session. Global risk appetite has improved noticeably after President Trump reversed course on Greenland and geopolitical tensions eased, a shift in mood that is limiting the upside in thenp precious metal.

Crypto Today: Bitcoin, Ethereum, XRP post modest gains as ETF selling pressure intensifies

Bitcoin rises marginally above $90,000, but intense ETF selling pressure continues to weigh on the asset. Ethereum trades around $3,000 amid broader crypto market volatility and waning institutional interest. XRP ticks up for the second consecutive day despite subdued retail demand.

Trump walks back NATO tariffs, signals de-escalation

What began as a sharp escalation risk quickly turned into a de-escalation signal. Earlier this week, markets briefly priced in escalation risk after Donald J. Trump proposed a 10% tariff hike on eight NATO nations amid the Greenland dispute.

Axie Infinity extends gains as bullish momentum targets $3

Axie Infinity (AXS) extends its gains by 8%, trading above $2.56 at the time of writing on Thursday, after rallying over 37% this week. The bullish price action is further strengthened by rising whale accumulation volume.