NVDA 3 Wave Pullback Soon Should Find Support
The short-term Elliott wave view in NVDA suggests that the stock has ended the cycle from the 22 February 2023 low in 5 waves impulse sequence within bigger wave ((3)) at $480.88 high. Now, while below there the stock is doing a pullback lower in wave ((4)). To correct that cycle in 3, 7, or 11 swings before the upside resumes again. So far the pullback is unfolding in 3 waves. And soon should find support either for the next leg higher or should do a 3-wave bounce at least.
Down from $480.88 high the pullback lower is taking place as Elliott wave zigzag structure where wave (A) ended at $440.40 low. Up from there, the wave (B) bounce unfolded in a lesser degree 3 waves where wave A ended at $466 high. Then wave B pullback ended at $446.30 low in a lesser degree 3 waves. Wave C ended at $473.98 high & thus completed wave (B) bounce. While below there, wave (C) remains in progress in an impulse sequence. Near-term, now as far as bounces fail below $473.98 high. The stock is expected to extend lower towards $433.05- $407.63 100%-161.8% Fibonacci extension area of (A)-(B). Then from there, the stock is expected to resume the upside or should see a minimum reaction higher in 3 swings at least.
Down from $480.88 high the pullback lower is taking place as Elliott wave zigzag structure where wave (A) ended at $440.40 low. Up from there, the wave (B) bounce unfolded in a lesser degree 3 waves where wave A ended at $466 high. Then wave B pullback ended at $446.30 low in a lesser degree 3 waves. Wave C ended at $473.98 high & thus completed wave (B) bounce. While below there, wave (C) remains in progress in an impulse sequence. Near-term, now as far as bounces fail below $473.98 high. The stock is expected to extend lower towards $433.05- $407.63 100%-161.8% Fibonacci extension area of (A)-(B). Then from there, the stock is expected to resume the upside or should see a minimum reaction higher in 3 swings at least.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.