Elliott Wave View: NVDA’s Five‑Wave Drop From The October 6 High Keeps The Downside Bias Intact

The short‑term Elliott Wave view in Nvidia (NVDA) indicates that the decline from the October 6, 2026 high is progressing as a five‑wave impulsive structure. From that peak, wave (i) ended at $229.85 after an initial sharp drop. A brief recovery in wave (ii) followed and reached $235.50 before sellers regained control. The stock then accelerated lower in wave (iii), which extended to $212.77 and confirmed the strength of the bearish sequence. A subsequent rally in wave (iv) lifted the stock to $222.75, yet it did not alter the broader downside pressure.

The current expectation is that NVDA will complete wave (v) soon, which should also finish wave ((i)) at a larger degree. Once wave ((i)) concludes, the stock is projected to advance in wave ((ii)) as it corrects the cycle from the October 6 high. The corrective phase will likely serve as a temporary pause before the decline resumes.

In the near term, the pivot at $243.37 remains the key level that defines the bearish outlook. As long as this pivot stays intact, any rally should fail within a three‑ or seven‑swing corrective pattern. This view continues to favor additional downside once the corrective bounce in wave ((ii)) reaches completion.