NVDA Elliott Wave Analysis: Trading Lounge Daily Chart
Dive into our latest Elliott Wave analysis for NVIDIA (NVDA) Discover key price targets and potential resistance levels in our detailed NVDA stock forecast. Explore how wave patterns suggest significant movements ahead.
Nvidia Corp. (NVDA) Daily Chart
NVDA Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Minute wave {v}
Direction: Upside in wave (iii)
Details: The equality of wave {v} compared to wave {i} is approximately $972. We anticipate resistance at the top of TL1 around $1000.
According to the latest daily chart insights, NVIDIA is currently in Minute wave {v} of a larger wave (iii). This suggests a continuation of the upward momentum in the stock's price. Notably, the equality of wave {v} with wave {i} is projected at $972, indicating where the next significant resistance could form. Additionally, traders should be vigilant as we approach the $1000 mark, coinciding with resistance at Trading Level 1 (TL1).
NVDA Elliott Wave Analysis: Trading Lounge 4-Hour Chart
The 4-hour chart refines our understanding, showing NVIDIA in the fifth wave of wave (iii). This segment of the analysis reveals a more immediate bullish.
Nvidia Corp. (NVDA) 4-Hour Chart
NVDA Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave v of (iii)
Direction: Upside in wave v
Details: We are nearing the equality of wave (iii) compared to wave (i). The 1.618 extension of wave (iii) versus wave (i) stands at $1050.
Conclusion: NVDA's Elliott Wave Patterns
In conclusion, Nvidia Corp. (NVDA) shows a strong impulsive trend on both daily and 4-hour charts. Key levels of $972 and $1000 on the daily chart, and $1050 on the 4-hour chart, will be critical for NVDA's price action. Traders should watch these levels closely to gauge potential future movements.
Technical Analyst: Malik Awais
Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here
See Previous: Analog Devices Inc.(ADI) Stocks Elliott Wave Technical Analysis
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