In this technical blog, we will look at the past performance of the 4-hour Elliott Wave Charts of NVDA. We presented to members at the elliottwave-forecast. In which, the rally from 13 October 2022 low is unfolding as an impulse structure. Showing 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 4-Hour Elliott Wave Chart From 9.20.2023
Here’s the 4hr Elliott wave chart from the 9/20/2023 update. In which, the cycle from the 12/28/2022 low ended in bigger wave III as an impulse structure at $502.66 high. Down from there, the stock made a pullback in wave IV to correct that cycle. The internals of that pullback unfolded as Elliott wave zigzag structure where wave ((A)) ended at $448.88 low. Wave ((B)) bounce ended at $499.27 high and wave ((C)) managed to reach the blue box area at $427.47- $383.08. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.
NVDA Latest 4-Hour Elliott Wave Chart From 10.03.2023
This is the latest 4hr Elliott wave Chart from the 10/03/2023 update. In which the stock is showing a reaction higher taking place, right after ending the zigzag correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. However, a break above $502.66 high is still needed to confirm the next extension higher & avoid a double correction lower.