Nvidia: Extending the Rally

The bulls have maintained their momentum in Nvidia, effectively managing any interim pullbacks and allowing the stock to make further gains within the framework of green wave [3]. We still see some additional upside potential at this stage before an interim correction of wave [4] is likely. Well above support at $136.89, wave [5] should then begin, pushing the stock even higher and completing the larger beige wave III. That said, we still see a 33% chance that NVDA has only recently marked the corrective top of beige wave alt.B and could soon fall below $136.89, setting a new correction low for blue wave alt.(IV) near the $86.62 level. Primarily, however, we believe wave (IV) has concluded.