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NVDA Elliott Wave Analysis Trading Lounge Daily Chart, 21 February 2024

Nvidia Corp., (NVDA) Daily Chart

NVDA Elliott Wave Technical Analysis

FUNCTION: Trend  

MODE: Impulsive

STRUCTURE: Motive

POSITION: Minor wave 5 of (1).  

DIRECTION: Pullback in wave {iv} of 5.

DETAILS: As explained on the chart we could be having a larger top soon to be in place in wave (5) instead of 5 and that could mean a larger pullback would be due. In addition, we could see upside target at TL8 at 800$.

Technical Analyst: Alessio Barretta

NVDA Elliott Wave Analysis Trading Lounge 4Hr Chart, 21 February 2024

Nvidia Corp., (NVDA) 4Hr Chart

NVDA Elliott Wave Technical Analysis

FUNCTION: Counter Trend  

MODE: Corrective

STRUCTURE: Flat

POSITION: Wave (a) of {iv}  

DIRECTION: Completion of a three wave move in wave {iv}.  

DETAILS: Looking for a three wave move into wave {iv} as of now we would have a much smaller wave {iv} compared to its wave {ii}. We could see Medium Level 650$ act as support.  

Welcome to our NVDA Elliott Wave Analysis Trading Lounge, your go-to source for comprehensive insights into Nvidia Corp. (NVDA) using Elliott Wave Technical Analysis. As of the Daily Chart on 21st February 2024, we delve into significant trends guiding the market.

* NVDA Elliott Wave Technical Analysis – Daily Chart*

In terms of wave dynamics, we identify a dominant impulse function with a motive structure. The current position is in Minor wave 5 of (1), indicating a pullback in wave {iv} of 5. There's a possibility of a larger top being imminent in wave (5), potentially leading to a larger pullback. Additionally, an upside target at TL8 around $800 is plausible.

*NVDA Elliott Wave Technical Analysis – 4Hr Chart*

Here, the wave function shifts to a counter trend mode with a corrective structure, specifically a flat pattern. The present position is in Wave (a) of {iv}, signifying the completion of a three-wave move in wave {iv}. We anticipate a three-wave move into wave {iv}, with Medium Level support around $650.

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