In this technical blog, we will look at the past performance of 1-hour Elliott Wave Charts of NVDA. We presented to members at the elliottwave-forecast. In which, the rally from the 28 December 2023 low unfolded as an impulse structure. And showed a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the stock & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
NVDA 1-Hour Elliott Wave Chart From 2/05/2023
Here’s the 1hr Elliott wave chart from the 2/05/2023 Weekend update. In which, the short-term cycle from the 1/31/2023 low ended in wave 1 at $219.49 high. Down from there, the stock made a pullback in wave 2 to correct that cycle. The internals of that pullback unfolded as Elliott wave zigzag structure where wave ((a)) ended at $207.89 low. Wave ((b)) bounce ended at $217.45 high. And wave ((c)) managed to reach the blue box area at $206.04- $2198.85 equal legs area. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.
NVDA Latest 1-Hour Elliott Wave Chart From 2/10/2023
Above is the Latest 1hr Elliott wave Chart from the 2/10/2023 Post-market update. We can see the stock is showing a strong reaction higher right after ending the zigzag correction within the blue box area. This allowed members to create a risk-free position shortly after taking the long position at the blue box area. It already made a new high above $219.49 high & confimred the next extension higher. Now as far as it remains above $206.04 low another new high towards $237- $245 area is expected to take place before entering into another pullback.