NVDA Elliott Wave Analysis Trading Lounge Daily Chart,
NVIDIA Corp., (NVDA) Daily Chart
NVDA Elliott Wave Technical Analysis
FUNCTION: Trend
MODE: Impulsive
STRUCTURE: Motive
POSITION: Intermediate wave (5).
DIRECTION: Upside in wave (5).
DETAILS: We are looking at a bottom in wave (4) which also ended near the area of the previous 4, very common EW tendency. Looking for further upside as we broke above 120$.
NVDA Elliott Wave Analysis Trading Lounge 1H Chart,
NVIDIA Corp., (NVDA) 1H Chart
NVDA Elliott Wave Technical Analysis
FUNCTION: Trend
MODE: Impulsive
STRUCTURE: Motive
POSITION: Minute {iii}.
DIRECTION: Top in wave {iii}.
DETAILS: We are looking for an extension in wave {iii}, with common third wave target at 130$, which corresponds to the end of MG1. Looking for 130$ as upside target to be reached, to then look for a correction in {iv}.
.png.99286e603f1c5a75d32564ad5baa4ea0.png)
Welcome to our latest Elliott Wave analysis for NVIDIA Corp. (NVDA). This analysis provides insights into NVDA's price movements using the Elliott Wave Theory, helping traders identify potential opportunities based on current trends and market structure. We'll be exploring both the daily and 1-hour charts to offer a comprehensive perspective on NVDA's market behavior.
The recent price action suggests that wave (4) has likely reached a bottom, coinciding with the area of the previous wave 4, a common Elliott Wave pattern. The breakout above the $120 level strengthens the case for further upside as wave (5) begins to unfold. Traders should monitor the continuation of this uptrend, as wave (5) could propel NVDA to new highs.
In the short term, NVDA appears to be extending within wave {iii} of (5). The typical third wave target lies around the $130 level, which also corresponds to the end of Minor Level 1 (MG1). This target acts as a potential resistance level where traders should be cautious and consider a potential correction in wave {iv} after the target is reached.
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
AUD/USD: The hunt for 0.6800
AUD/USD extended its strong uptrend and reclaimed the area beyond the key 0.6700 barrier to print fresh five-week highs ahead of the release of the RBA Minutes.
EUR/USD clinches 2024 highs and retargets 1.1100
EUR/USD rose to levels last seen in late December 2023 and approached the key 1.1100 hurdle, always on the back of the incessant selling pressure in the US Dollar prior to the FOMC Minutes and Powell’s speech at Jackson Hole.
Gold stable above $2,500 and looking for fresh record highs
The persevering sell-off in the greenback, coupled with lower US yields and hopes of an interest rate cut by the Fed in September, all prompt Gold prices to dispute their record high past the $2,500 mark per ounce troy.
XRP Ledger transactions dropped to nearly a sixth of their value this year
Ripple trades at $0.5833 on Monday as the altcoin extends gains and recovers from the crypto market crash in early August. The Ripple stablecoin announcement, the Securities & Exchange Commission vs. Ripple lawsuit ruling and recent research reports published by SBI-owned HashHub are the key market movers for the altcoin this week.
International economic outlook
We have not made material forecast changes to our economic or inflation outlooks. This month, we continue to forecast 2024 global GDP growth of 2.9% and global CPI inflation of 3.6%. In the United States, we maintain our view for a “soft landing” although acknowledge that recession risks are rising.