4H NVDA Elliot Wave Analysis
Counting a clear 5 wave impulse off (Y) with a zig-zag retracement that is respecting the parallel channel. in wave 2, wave ((c)) = 1.618((a)) and is respecting the lower boundary of the channel.
Bullish case for an impulsive wave 3 to pierce the upper boundary of the channel on the 0.618 relationship with wave 1 and looks technically oversold (RSI <20).
Bearish case would exist if the invalidation of the wave 1 extremity, with additional information surrounding parallel channel could mean continuation of correction.
Would likely zoom in to see lesser degree counts. Please comment if you agree or disagree with the count!
Bullish case for an impulsive wave 3 to pierce the upper boundary of the channel on the 0.618 relationship with wave 1 and looks technically oversold (RSI <20).
Bearish case would exist if the invalidation of the wave 1 extremity, with additional information surrounding parallel channel could mean continuation of correction.
Would likely zoom in to see lesser degree counts. Please comment if you agree or disagree with the count!
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.