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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