Elliott Wave Technical Analysis : NVIDIA Corp.

By Peter Mathers of TradingLounge

Tuesday, April 9, 2024 1:40 AM EST

Nvidia, Gpu, Electronics, Pcb, Board, Processor

Image Source: Pixabay

Welcome to our NVDA Elliott Wave Analysis Trading Lounge, where we provide insights into NVIDIA Corp. (NVDA) using Elliott Wave Technical Analysis. Let's delve into the market dynamics on the Daily Chart.

*COST Elliott Wave Technical Analysis – 4hr Chart*

Our analysis indicates a trending function characterized by impulse mode and motive structure, positioned in Minor wave 5. The direction suggests upside movement in wave {v} of 5. We anticipate a potential bottom formation in wave {iv}, with resistance observed at $800. Our target for the upside is TL1 at $1000.

*COST Elliott Wave Technical Analysis – Daily Chart*

Here, we identify a trending function marked by impulse mode and motive structure, positioned in Wave (c) of {iv}. The direction indicates upside movement in wave {v}. Our analysis suggests the likelihood of upside continuation into wave {v}, following a three-wave move observed in wave {iv}.

NVDA Elliott Wave Analysis Trading Lounge Daily Chart,

NVIDIA Corp., (NVDA) Daily Chart

NVDA Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulse

STRUCTURE: Motive

POSITION: Minor wave 5.

DIRECTION: Upside in wave {v} of 5.

DETAILS: Looking for a bottom in wave {iv} as we seem to be holding at 800$ as resistance, we’ll then be looking for TL1 at 1000$ as upside target.