NVIDIA (NVDA): Why $1,077 Could Be Just the Beginning!


In our last analysis of NVIDIA, we presented an alternative scenario. However, given NVIDIA's relentless momentum, we find ourselves needing to adjust this scenario once more. We are now inclined to believe that we are still within a subordinate Wave 3 of the overarching Wave (3), anticipating that the price must reach at least the $1,030 mark, particularly considering the subordinate Wave ((iii)) precisely hit the 461.8% level.
Following a rapid sell-off to Wave (a), we've observed the formation of Wave (b) with a three-wave structure right at the 100% mark. This leads us to position an entry for Wave (c) or Wave ((iv)), as we theoretically should achieve the 100% mark here too, aligning with the minimum 23.6% level for a Wave 4 around the 100% mark, thus establishing our entry point.

Moreover, the gap present, along with the underlying support zone, could be crucial. Hence, we're setting our stop-loss just below this zone. For the upward movement, we anticipate that the subordinate Wave ((v)) of Wave 3 could reach at least up to $1,077, fitting within our minimum target range for Wave 3 and aligning well with our expectations. Should the price drop below this level, other zones could potentially accommodate a Wave ((iv)), but such a scenario would not be as rule-compliant, making this current scenario more likely than others.

Considering NVIDIA's recent performance, this setup presents a favorable risk-to-reward ratio for a short-term trade.

R:R - 6.3
Risk: max. 1%
Our limit order for NVIDIA has been filled. We've reached and respected Level (a), though today's opening is currently pre-market slightly below yesterday's close. Today's direction largely hinges on the CPI data release from the U.S., which will be a key catalyst for NVIDIA, determining whether it moves up or down. This setup has a significant risk-to-reward ratio, so we won't make any changes just yet. We'll wait to see how today's data unfolds and how NVIDIA responds to it.

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