NVIDIA Corp (NVDA) Daily and 4-Hour Elliott Wave Analysis
In this detailed analysis, we delve into NVIDIA Corp's (NVDA) current market position through the lens of Elliott Wave theory on both daily and 4-hour charts. As a leading figure in the tech industry, understanding NVDA's stock movements is crucial for traders and investors alike. This review aims to provide insights into NVDA's trend direction, potential resistance levels, and future price targets, leveraging the Elliott Wave framework for precision and clarity.
Daily Chart Elliott Wave Analysis of NVIDIA Corp (NVDA)
NVIDIA Corp (NVDA) Elliott Wave Technical Analysis
Function: Trend Identification
Mode: Impulse Waves for Market Direction
Structure: Motive Phase Emphasizing Movement
Position: Targeting Minor Wave 5's Progress
Direction: Anticipating an Upside in Wave {v} of 5
Details: The analysis reveals NVDA's potential bottoming near the $800 resistance level. With this foundation, our sights are set on achieving a bullish target of $1000, marked as TL1, indicating a strong upside momentum as we advance into Minor Wave 5.
Key Takeaways:
- Resistance Level at $800: NVDA shows strong resistance around this price point, serving as a pivotal moment for the stock's future direction.
- Upside Target of $1000: The anticipation of reaching the TL1 target highlights a significant growth trajectory for NVDA in the near term.
4-Hour Chart Elliott Wave Analysis of NVIDIA Corp (NVDA)
Function: Deciphering Short-Term Trends
Mode: Impulse Actions to Gauge Immediate Movements
Structure: Motive Sequence for Clearer Insight
Position: Examining Wave (c) of {iv} for Current Stance
Direction: Forecasting an Upside into Wave {v}
Details: The 4-hour chart analysis suggests a bullish reversal with the completion of a corrective three-wave pattern in wave {iv}. The focus now shifts towards the commencement of wave {v}, indicating a potential upside momentum in the short term.
Key Takeaways:
- Completion of Wave {iv}: Indicates a preparatory stage for the next bullish wave, suggesting a strategic entry point for investors.
- Potential Upside in Wave {v}: Highlights the optimism surrounding NVDA's stock performance, with a clear direction towards growth.
Conclusion
Through meticulous Elliott Wave analysis on both daily and 4-hour charts, NVIDIA Corp (NVDA) exhibits promising signals for both long-term and short-term investors. The stock's resilience at the $800 mark coupled with the ambitious target of $1000 delineates a bullish outlook. Meanwhile, the 4-hour chart underscores the completion of a corrective phase, setting the stage for an imminent upward trajectory. As NVDA continues to navigate through these critical waves, investors and traders are advised to monitor these key levels and trends closely.
Technical Analyst: Alessio Barretta
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