NVIDIA Corp., also known as NVDA, is currently being analyzed using Elliott Wave Theory to predict potential future market movements. This analysis focuses on both the daily and 1-hour charts to provide a comprehensive view of the current trend and where the stock may be headed next.
On the daily chart, NVIDIA is currently in Minor wave 3 of the larger wave (5). The uptrend is expected to continue, with support seen around the MediumLevel of $150. A successful hold and bounce from this level would confirm the bullish bias and signal a rally towards higher price levels. Breaking above $150 and sustaining this level would further confirm the continuation of the uptrend into wave (5).
Moving on to the 1-hour chart, the analysis suggests that NVIDIA is developing wave (iii) of {i} within a larger impulsive structure. The stock is likely building momentum with a series of ones and twos within wave {i} to break through the $150 resistance level. It is crucial for the next pullback not to retrace into the territory of wave i to maintain the integrity of the impulsive move. A break above $150 with strong momentum would indicate further upside in wave (iii).
Overall, this Elliott Wave analysis provides valuable insights for traders and investors looking to understand NVDA’s current market trend and potential future movements. By using Elliott Wave Theory, traders can anticipate price movements and plan their trading strategies accordingly. Keeping a close eye on key levels such as $150 can help traders make informed decisions and capitalize on potential trading opportunities in the market.
