Nvidia

Nvidia High Time Frame Analysis

After Nvidia experienced a significant Wave 3, which propelled the stock from $10 to $140, we are now observing a retracement. This pullback is typical after such a strong upward move, and we have identified a key support zone where the retracement might conclude.

Key Observations:

• Wave 4 Support Zone: The chart highlights a support area around $77-$62, which corresponds to the Fibonacci retracement levels that are commonly seen during a Wave 4 correction. Specifically, the 0.5 ($77.32) and 0.382 ($62.25) retracement levels are critical support areas to watch.
• Further Downside Expected: Given the current market structure, we anticipate that Nvidia may continue to experience some downside pressure, with the price likely declining to around $77. This would align with the typical behavior of Wave 4 in the Elliott Wave cycle, where a retracement provides a base before the next upward move.
• Wave 5 Projection: Once Wave 4 concludes, we expect Nvidia to enter Wave 5, which should take the price to a minimum target of $160. This final wave typically sees a strong move as the trend reaches its peak.

Conclusion:

Nvidia is currently undergoing a Wave 4 correction following a massive run-up in Wave 3. The price is expected to find support within the $77-$62 range, aligning with key Fibonacci levels. After this correction, we anticipate the start of Wave 5, which should push the price to at least $160. Traders and investors should watch the support zone closely, as holding these levels is crucial for the continuation of the long-term bullish trend.