Nvidia (NVDA) Bullish Run Has Room to Go Further

6 Tem 2023

Nvidia (NVDA) pullback to 396.59 ended wave (4) as the 30 minutes chart below shows. Internal subdivision of wave (4) unfolded as a double three Elliott Wave structure. Down from wave (3) on 6.21.2023 peak, wave ((a)) ended at 420.8 and wave ((b)) rally ended at 434.67. The stock resumed lower in wave ((c)) towards 418.75 and this completed wave W. Rally in wave X ended at 427.64. Nvidia then resumed lower in wave Y with subdivision as a zigzag structure. Down from wave X, wave ((a)) ended at 401, rally in wave ((b)) ended at 419.40, and wave ((c)) lower ended at 396.59. This completed wave Y of (4).

The stock has turned higher in wave (5). Up from wave (4), wave ((i)) ended at 418.45 and dips in wave ((ii)) ended at 406. The stock resumes higher in wave ((iii)) towards 429.19, dips in wave ((iv)) ended at 418.51. Final leg wave ((v)) ended at 431.77 and this completed wave 1 in higher degree. Pullback in wave 2 is now in progress as a double three Elliott Wave structure. Down from wave 1, wave ((w)) ended at 423. Expect wave ((x)) rally to fail and the stock to resume lower in wave ((y)) to complete wave 2. As far as pivot at 396.59 low stays intact, expect dips to find support in 3, 7, 11 swing for further upside.