NVDA Elliott Wave Analysis – Trading Lounge Daily Chart

NVIDIA Corp. (NVDA) Daily Chart

NVDA Elliott Wave Technical Analysis

Function: Countertrend

Mode: Corrective

Structure: Flat

Position: Intermediate wave (4)

Direction: Downside in wave (4)

Details: We are observing a three-wave move in wave (4), targeting the equality of wave C vs. wave A at $84.

NVDA Elliott Wave Technical Analysis – Daily Chart

NVIDIA is currently in a corrective flat structure unfolding as a three-wave move. The stock is heading lower within wave C, and the target for wave (4) is set at $84, where equality between wave C and wave A is anticipated. This indicates the potential for a deeper correction before NVIDIA resumes its long-term uptrend.

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: We expect further downside within wave C, with potential for a bounce in wave {iv} as we approach Trading Level 1 (TL1) around $100.

NVDA Elliott Wave Technical Analysis – 1H Chart

In the shorter-term, NVIDIA is progressing lower within wave C. The next key support level is expected at $100, near Trading Level 1 (TL1). A bounce in wave {iv} of C could occur near this level before a final move lower to complete the correction. This aligns with the flat structure, where wave C typically unfolds as a five-wave pattern.

Elliott Wave Analysis of NVDA – Key Insights from Daily and 1-Hour Charts

This Elliott Wave analysis for NVIDIA Corp. (NVDA) provides insights based on both the daily and 1-hour charts. The analysis highlights the corrective trend underway and identifies critical price levels to watch as the stock navigates through the ongoing wave (4) correction.

Technical Analyst: Alessio Barretta

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