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**NVDA Elliott Wave Update – August 24, 2024**
In the tumultuous landscape of the stock market, NVDA (NVIDIA Corporation) has emerged with a remarkable resilience that’s worth noting. The recent price action and wave patterns of NVDA suggest a potential turnaround and a possible confirmation of a bottom.
**Powerful Reversal**
NVDA has showcased a robust reversal, which has been strong enough to break through the .786 retracement level of the downward Wave 3. Such a powerful reversal often indicates significant buying interest and a shift in market sentiment towards the stock.
**NASDAQ and S&P Bottoms**
Adding to the optimism surrounding NVDA’s recent performance is the belief that major indices like the NASDAQ and S&P have found their bottoms. The resilience and strength shown by these indices, coupled with the positive momentum seen in NVDA, suggest that the semiconductor giant is aligning with broader market sentiments.
**Key Pre-Market Level – 848**
As of the latest pre-market trading, NVDA is hovering around the 848 level. This particular price point is noteworthy as it represents the .786 Fibonacci retracement of the downward Wave 3. In Elliott Wave Theory, .786 retracements are significant levels that often act as confirmation points for trend reversals. If NVDA can maintain or surpass this level, it would serve as a strong indicator that the stock has indeed bottomed out and is potentially gearing up for a bullish trend.
**Conclusion**
While the stock market remains unpredictable and subject to various macroeconomic factors and news events, the recent wave patterns and price actions of NVDA suggest a promising outlook. The alignment of NVDA’s movement with that of major indices like the NASDAQ and S&P further bolsters the case for a potential bottom formation.
Investors and traders should keep a close eye on NVDA’s performance around the 848 level. A sustained move above this level could be the catalyst that confirms the bullish trend and provides traders with a solid entry point.
As always, it’s essential to approach the market with caution and conduct thorough research before making any investment decisions. Elliott Wave Theory provides valuable insights, but it’s crucial to consider other technical and fundamental indicators to make informed trading choices.
