Elliott Wave expects new all time high in Nvidia (NVDA) [Video]
|Short term Elliott Wave View on Nvidia (NVDA) suggests the stock ended correction on 4.20.2024 at 756.06. From there, the stock starts a new impulsive rally. Up from 4.20.2024, wave 1 ended at 846.07 and pullback in wave 2 ended at 776.80. The stock extends higher in wave 3 towards 887 and dips in wave 4 ended at 852.66. FInal leg wave 5 ended at 888.19 which completed wave (1) in higher degree. The stock then pullback in wave (2) with internal subdivision as a zigzag Elliott Wave structure. The stock has resumed higher in wave (3).
Up from wave (2), wave ((i)) ended at 860 and dips in wave ((ii)) ended at 823. The stock then nested higher with wave (i) ended at 856.6 and pullback in wave (ii) ended at 832. Wave i of (iii) ended at 866.84 and dips in wave ii of (iii) ended at 859.17. Stock resumed higher in wave iii of (iii) towards 922.2 and pullback in wave iv of (iii) ended at 910.31. Expect the stock to extend higher 1 more leg to end wave v of (iii). Afterwards, it should pullback in wave (iv) to correct cycle from 5.2.2024 low before it resumes higher again. Near term, as far as pivot at 812.4 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.
Nvidia (NVDA) 45 minutes Elliott Wave chart
NVDA Elliott Wave [Video]
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.