Elliott Wave Forecast Team
ElliottWave-Forecast.com
Short term Elliott Wave in $NVDA suggests that pullback to 90.7 ended wave IV. The stock has turned higher in wave V with internal subdivision as a 5 waves impulse. Up from wave IV, wave (1) ended at 109.25 and wave (2) pullback ended at 97.15. The stock has resumed higher as a nest. Up from wave (2), wave 1 ended at 108.3 and pullback in wave 2 ended at 97.52. Up from there, wave ((i)) ended at 109 and wave ((ii)) ended at 101. Wave ((iii)) higher ended at 125, pullback in wave ((iv)) ended at 121.15, and final wave ((v)) ended at 130 which completed wave 3. Pullback in wave 4 ended at 125.8 and final wave 5 ended at 131 which completed wave (3).
Stock then pullback in wave (4) towards 123.1 and made another leg higher in wave (5) towards 131.26. This completed wave ((1)) in higher degree. Wave ((2)) pullback is now in progress to correct cycle from 8.5.2024 low in 3, 7, or 11 swing before it resumes higher again. Down from wave ((1)), wave A ended at 124.37 and wave B ended at 129.18. Expect wave C of (W) to end soon, then it should rally in wave (X) before turning lower again in wave (Y) of ((2)). As far as pivot at 90.7 low stays intact, expect dips to find buyers in 3, 7, or 11 swing for further upside.
NVDA 60 minutes Elliott Wave chart
NVDA Elliott Wave [Video]
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