NVDA Elliott Wave Analysis Trading Lounge Daily Chart,21 February 24.
NVDA Elliott Wave technical analysis
Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Minor wave 5 of (1).
Direction: Pullback in wave {iv} of 5.
Details: As explained on the chart we could be having a larger top soon to be in place in wave (5) instead of 5 and that could mean a larger pullback would be due. In addition we could see upside target at TL8 at 800$.
NVDA Elliott Wave Analysis Trading Lounge 4Hr Chart, 21 February 24.
NVDA Elliott Wave technical analysis
Function: Counter Trend.
Mode: Corrective.
Structure: Flat.
Position: Wave (a) of {iv}.
Direction: Completion of a three wave move in wave {iv}.
Details: Looking for a three wave move into wave {iv} we as of now we would have a much smaller wave {iv} compared to its wave {ii}. We could see Medium Level 650$ act as support.
Welcome to our NVDA Elliott Wave Analysis Trading Lounge, your go-to source for comprehensive insights into NVIDIA Corp. (NVDA) using Elliott Wave Technical Analysis. As of the Daily Chart on 21st February 2024, we delve into significant trends guiding the market.
NVDA Elliott Wave technical analysis – Daily chart
In terms of wave dynamics, we identify a dominant impulse function with a motive structure. The current position is in Minor wave 5 of (1), indicating a pullback in wave {iv} of 5. There's a possibility of a larger top being imminent in wave (5), potentially leading to a larger pullback. Additionally, an upside target at TL8 around $800 is plausible.
NVDA Elliott Wave technical analysis – Four hour chart
Here, the wave function shifts to a counter trend mode with a corrective structure, specifically a flat pattern. The present position is in Wave (a) of {iv}, signifying the completion of a three-wave move in wave {iv}. We anticipate a three-wave move into wave {iv}, with Medium Level support around $650.
Technical Analyst: Alessio Barretta
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended content
Editors’ Picks
EUR/USD trades sideways near 1.0900 amid cautious optimism
EUR/USD trades sideways near 1.0900 on Tuesday. The US Dollar looks to stabilize amid cautious optimism, as uncertainty over the US presidential election outcome lingers. US ISM Services PMI is also in focus, as Americans head to the polls.
GBP/USD clings to modest gains below 1.3000, awaits US election result
GBP/USD trades marginally higher on the day but remains below 1.3000 after finding support near 1.2950 on a broadly subdued US Dollar. Traders eagerly await the outcome of the US presidential election, refraining from placing fresh bets on the major.
Gold holds steady below $2,750 as markets gear up for US election
Gold attracts dip-buyers after touching a one-week low on Tuesday and trades above $2,740. XAU/USD draws support from a combination of factors. Fed rate cut bets, declining US bond yields and subdued USD demand continue to act as a tailwind for the precious metal.
Crypto markets brace for volatility in tight race between Trump and Harris
The US presidential election is one of the most significant events in the world. Due to the influence of the country’s political decisions, policies, and economic approaches, it can significantly impact crypto and global markets.
US presidential election outcome: What could it mean for the US Dollar? Premium
The US Dollar has regained lost momentum against its six major rivals at the beginning of the final quarter of 2024, as tensions mount ahead of the highly anticipated United States Presidential election due on November 5.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.