Nvidia Elliott Wave: Incomplete Bearish Sequences Called The Decline

In this technical blog, we’ll take a closer look at our Elliott Wave analysis of Nvidia (NVDA). Our analysis identified incomplete bearish sequences within the cycle from the 243.32 peak, signaling that further downside was still ahead. While the market was unfolding its next move, our Elliott Wave roadmap provided a clear framework for anticipating the decline.

Let's revisit the original charts, break down the Elliott Wave structure, and see how our analysis anticipated the market's next move.

NVDA Elliott Wave 4-Hour Chart  11.03.2026

NVDA stock developed bearish sequences within the cycle from the 243.32 peak. Our analysis indicated that the cycle remained in progress, with price unfolding wave ((iii)).

By combining Elliott Wave analysis, cycle analysis, and multiple time frames, we were able to anticipate the bearish continuation and identify the downside target zone in advance.

NVDA Elliott Wave Midday 1-Hour Chart  11.03.2026

Here we can see the H1 chart from the same date. NVDA was unfolding a 3-wave corrective move against the 220.19 peak, forming a clear Double Three pattern (wxy), marked in red on the chart. We identify the end of these corrections by measuring the Equal Legs projection of w-x, which pointed to the 210.50 area (sellers' zone).

As outlined in our analysis at the time, as long as price remained below the ((ii)) black peak (220.19), the bearish cycle was expected to remain incomplete, opening the door for further downside toward the 186.74–166.02 target area.

NVDA Elliott Wave Midday 1-Hour Chart  11.08.2026

NVDA followed our projected path lower and reached the proposed target area of 186.74–166.02. The current view suggests that the short-term cycle from the 220.19 peak remains in progress as a 5-wave structure. Ideally, we would like to see another leg lower toward the 175.38–169.39 area to complete this cycle.

Keep in mind that the market is dynamic, and the outlook may have changed in the meantime.