Nvidia (NVDA) is currently experiencing a short-term Elliott Wave pattern that indicates the stock has completed a correction on April 20, 2024, at a low of 756.06. Following this correction, Nvidia has begun a new impulsive rally. The wave pattern shows that wave 1 ended at 846.07 and a pullback in wave 2 ended at 776.80. The stock continued to rise in wave 3 towards 887 and dipped in wave 4, ending at 852.66. The final leg of wave 5 concluded at 888.19, completing wave (1) in a higher degree. Subsequently, the stock experienced a pullback in wave (2) structured as a zigzag Elliott Wave.
Moving forward, the stock resumed its upward trajectory in wave (3), following wave (2). Wave ((i)) ended at 860 and a dip in wave ((ii)) ended at 823. Nvidia then nested higher, with wave (i) ending at 856.6 and a pullback in wave (ii) concluding at 832. Wave i of (iii) reached a high of 866.84, while a dip in wave ii of (iii) ended at 859.17. The stock continued to rise in wave iii of (iii) towards 922.2, with a pullback in wave iv of (iii) ending at 910.31. It is anticipated that the stock will extend higher to complete wave v of (iii). Afterward, a pullback in wave (iv) is expected to correct the cycle from the low of February 5, 2024. As long as the pivot at 812.4 low remains intact, any pullback is likely to find support in a 3, 7, or 11 swing before continuing an upward trajectory.
In conclusion, Nvidia (NVDA) is showcasing a bullish trend based on the short-term Elliott Wave view. The stock is expected to continue its rally following a correction on April 20, 2024. The Elliott Wave pattern suggests that Nvidia has completed various waves and is on track to further extend its upward movement in the near future. As long as key support levels remain intact, the stock is anticipated to experience further upside potential. Investors are advised to monitor the price action and key levels to capitalize on potential trading opportunities in line with the Elliott Wave theory.
