NVDA Elliott Wave technical analysis [Video]

NVDA Elliott Wave Analysis Trading Lounge Daily Chart,

NVIDIA Corp., (NVDA) Daily Chart, 

NVDA Elliott Wave technical analysis

Function: Counter trend.

Mode: Corrective.

Structure: Flat.

Position: Intermediate wave (4). 

Direction: Downside in wave (4). 

Details: At this point we are looking for a three wave move in wave (4), with equality of C vs. A as target at 84$.

NVDA Elliott Wave Analysis Trading Lounge 1H Chart,

NVIDIA Corp., (NVDA) 1H Chart. 

NVDA Elliott Wave technical analysis

Function: Countertrend. 

Mode:  Corrective. 

Structure:  Flat. 

Position: Minor wave C. 

Direction: Downside within wave C. 

Details: Looking for further downside within wave C as we seem to be unfolding lower. We could expect a bounce in wave {iv} as we hit TL1 at 100$.

This analysis provides an Elliott Wave interpretation for NVIDIA Corp. (NVDA) based on both the daily and 1-hour charts. It outlines the current corrective trend and the key levels to watch as the stock navigates through a significant wave (4) correction. 

NVDA Elliott Wave technical analysis – Daily chart

NVIDIA is in a corrective structure, likely a flat correction, unfolding as a three-wave move. Currently, the stock is moving lower within wave C, and the next target for wave (4) is set at 84$, where equality between wave C and wave A is expected. This suggests a deeper correction before the resumption of the long-term trend. 

NVDA Elliott Wave technical analysis – One-hour chart

NVIDIA is currently progressing lower in wave C, and the next key support level is expected around 100$, near Trading Level1 (TL1). A bounce in wave {iv} of C could occur around this level before the final push lower to complete the correction. This would align with the structure’s flat pattern, where wave C typically unfolds as a five-wave move.

Technical analyst: Alessio Barretta.

NVDA Elliott Wave technical analysis [Video]