Nvidia (NVDA) makes rally after three waves pull back

Elliott Wave Forecast Team ElliottWave-Forecast.com

In this technical article we’re going to take a look at the Elliott Wave charts of Nvidia (NVDA) , presented in members area of the of our website. Recently has given us 3 waves pull back as we were expecting. In the further text we are going to explain the Elliott Wave pattern and Forecast.

NVDA 1 hour Elliott Wave analysis 07.06.2023

NVDA ended cycle from the 396.59 low as 5 waves pattern. Current view suggests we are getting 3 waves pull back in 2 red correction. At the moment the price is ending first leg ((w)) of 2. We expect to see 3 waves bounce in ((x)) connector before final leg down ((y)) of 2 takes place. At this stage we still cannot use equal legs ((w))-((x)) as target because ((x)) connector is not formed yet. So, we will us 50-61.8 fib retracement zone for a potential target of 2 red pull back. That area comes at 414.12-409.9.

NVDA 1 hour Elliott Wave analysis 07.09.2023

Eventually the stock made 3 waves in wave 2 red correction. The stock reached our target zone, 50-61.8 fibs against the 396.5 low and completed there. Now as far as the price stays above 413.4 low, we can count wave 2 red completed and expect further extension up ideally. We would like to see break above June 20th high to confirm further strength in the stock. Once we get proposed break up, we can look to buy the stock again in 3,7,11 swings.

Keep in mind that market is dynamic and presented view could have changed in the mean time.

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

GBP/USD hangs close to 1.3500, awaits fresh impetus from US CPI

GBP/USD keeps its range around 1.3500 in Wednesday's European trading. The pair continues to trade with caution as the US Dollar (USD) holds ground ahead of a crucial US consumer inflation report. Investors are watching this upcoming reading closely, as it is expected to play a major role in shaping the Federal Reserve’s next interest rate decision and the USD valuation.

EUR/USD consolidates below 1.1550 ahead of US CPI

EUR/USD struggles to gain any meaningful traction and holds steady around 1.1550 in the European trading hours on Wednesday, maintaining a familiar range held over the past week or so. Traders keenly await the release of the key US inflation data and further developments surrounding the Middle East crisis before placing fresh directional bets.

Gold retakes $4,400, eyes two-month high as traders look to US CPI for Fed hike cues

Gold attracts fresh buyers during the Asian session on Wednesday and climbs back above the $4,400 mark, closer to its highest level since June 5, which was touched the previous day. Traders now look to the US Consumer Price Index report for more cues about the US Federal Reserve's future policy path amid inflation risks stemming from volatile oil prices.

Zcash below $500 puts bulls under pressure, 100-day EMA in focus

Zcash price trades below $500 at press time on Wednesday, holding steady after two consecutive days of losses. Retail demand for the privacy coin is mixed as the broader market awaits the release of US Consumer Price Index data for July later in the day.

US CPI data set to show softer inflation in July as markets reassess Fed rate hike bets

The US Bureau of Labor Statistics will publish the July Consumer Price Index data on Wednesday. The report is expected to show a small decline in consumer inflation and core inflation. The monthly CPI is forecast to rise by 0.1%, following the 0.4% decrease recorded in June, while the annual reading is seen retreating to 3.4% from 3.5% reported in the previous month.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.