Short Term Elliott Wave View in Nvidia (NVDA) suggests that cycle from 9.6.2024 low is in progress as a 5 waves impulse. Up from 9.6.2024 low, wave (1) ended at 127.67. Dips in wave (2) ended at 114.7 as the 1 hour chart below shows. Internal subdivision of wave (2) unfolded as a zigzag Elliott Wave structure. Down from wave (1), wave A ended at 117.72 and wave B ended at 122.44. Wave C lower ended at 114.7 which completed wave (2) in higher degree. The stock has resumed higher in wave (3). Potential target for wave (3) is 100% – 161.8% Fibonacci extension of wave (1). This area comes at 142.2 – 158.6 area.
Up from wave (2), wave 1 ended at 120.83 and wave 2 ended at 116.42. The stock then nested higher with wave ((i)) ended at 124.36 and pullback in wave ((ii)) ended at 121.46. Expect the stock to extend higher to complete wave ((iii)), then it should pullback in wave ((iv)) before it resumes higher again in wave ((v)) of 3. Near term, as far as pivot at 114.7 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.
Nvidia 60 minutes Elliott Wave chart
NVDA Elliott Wave Video
Read the full article here