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NVDA Elliott Wave Update – April 12, 2024
Introduction
The NVDA stock has been exhibiting intriguing Elliott Wave patterns, providing valuable insights into potential market movements, sentiment, and key technical levels. This update offers a comprehensive analysis of NVDA’s recent and anticipated price actions, highlighting crucial patterns, resistance and support levels, and potential scenarios based on technical analysis.
Recent Market Trends
- Completion of ABC Flat: NVDA appears to have completed an ABC flat corrective pattern from its all-time highs, signaling a potential end to the recent bearish retracement and the beginning of a new bullish phase or continuation of the broader uptrend.
Potential Scenarios
- Fibonacci Resistance and Reversal Strength: The recent reversal in NVDA has been robust enough to prompt an attempt at the .786 Fibonacci resistance level in the coming week. A successful breach of this resistance could signal strong bullish momentum and potential for further upward movement in the stock.
- Bullish Breakout Scenario: If NVDA manages to break above the 945 level, it would clear the path for new highs above 972. This breakout would also pave the way for a standard Wave 3 pattern, targeting a potential high of 1200, which is 1.618 times the value of Wave 1. This scenario would confirm strong bullish sentiment and potential continuation of the broader bullish trend.
Key Resistance and Support Levels
- Resistance Levels: The .786 Fibonacci resistance level and the 945 level are key resistance levels to monitor. A successful breach of these levels could signal a continuation of the bullish trend and potential for new all-time highs in NVDA.
- Support Levels: In the event of a reversal or pullback, key support levels to monitor include previous resistance-turned-support levels and the recent lows formed during the corrective ABC flat pattern.
Conclusion
The Elliott Wave analysis of NVDA suggests a potential completion of a corrective ABC flat pattern and the beginning of a new bullish phase or continuation of the broader uptrend. Monitoring key resistance and support levels, particularly the .786 Fibonacci resistance at 945, will be crucial in assessing the stock’s potential direction and confirming the anticipated Wave 3 with a target of 1200. As the market continues to evolve, staying informed on key technical levels, patterns, and market sentiment will be essential for making well-informed investment decisions and navigating the dynamic landscape of NVDA.
