NVDA Elliott Wave Analysis Trading Lounge Daily Chart,NVIDIA Corp., (NVDA) Daily Chart NVDA Elliott Wave Technical AnalysisFUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Intermediate wave (5). DIRECTION: Upside in wave (5). DETAILS: We are looking at a bottom in wave (4) which also ended near the area of the previous 4, very common EW tendency. Looking for further upside as we broke above 120$. NVDA Elliott Wave Analysis Trading Lounge 1H Chart,NVIDIA Corp., (NVDA) 1H Chart NVDA Elliott Wave Technical AnalysisFUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Minute {iii}. DIRECTION: Top in wave {iii}. DETAILS: We are looking for an extension in wave {iii}, with common third wave target at 130$, which corresponds to the end of MG1. Looking for 130$ as upside target to be reached, to then look for a correction in {iv}.Welcome to our latest Elliott Wave analysis for NVIDIA Corp. (NVDA). This analysis provides insights into NVDA’s price movements using the Elliott Wave Theory, helping traders identify potential opportunities based on current trends and market structure. We’ll be exploring both the daily and 1-hour charts to offer a comprehensive perspective on NVDA’s market behavior. * NVDA Elliott Wave Technical Analysis – Daily Chart* The recent price action suggests that wave (4) has likely reached a bottom, coinciding with the area of the previous wave 4, a common Elliott Wave pattern. The breakout above the $120 level strengthens the case for further upside as wave (5) begins to unfold. Traders should monitor the continuation of this uptrend, as wave (5) could propel NVDA to new highs. * NVDA Elliott Wave Technical Analysis – 1H Chart* In the short term, NVDA appears to be extending within wave {iii} of (5). The typical third wave target lies around the $130 level, which also corresponds to the end of Minor Level 1 (MG1). This target acts as a potential resistance level where traders should be cautious and consider a potential correction in wave {iv} after the target is reached.Technical Analyst : Alessio BarrettaSource : Tradinglounge.com get trial here!More By This Author:Elliott Wave Technical Analysis: Russell 2000 Index – Monday, Aug. 19
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