Overview: in the previous update published on July 15th, I had NVDA close to the completion of wave a of (V) of a of 5 and expected a pullback to the 445 zone before another push higher to complete wave a of 5.
Update: we got the expected pullback to the 440 zone and everything seems to be on track. However, I am doing a bit of relabeling in this update.
Analysis of the structure: I think NVDA has completed wave a of 5 and its already in wave b of 5.
I see wave b of 5 developing as a flat correction and we are in wave (c) of b. Based on fib retracement of wave a of 5, I have 426.46 as my potential target for the bottom.
Analysis of the cycles: this is the main reason that I am not expecting a sizeable pullback on NVDA after all this huge bullish move since Oct. 2022 bottom.
NVDA is in the second 20D cycle of second 40D cycle of second 80D cycle of second 20W cycle of a 40W cycle.
This upcoming 40W cycle trough is already past due and I am expecting it on the second week of August.
Update: we got the expected pullback to the 440 zone and everything seems to be on track. However, I am doing a bit of relabeling in this update.
Analysis of the structure: I think NVDA has completed wave a of 5 and its already in wave b of 5.
I see wave b of 5 developing as a flat correction and we are in wave (c) of b. Based on fib retracement of wave a of 5, I have 426.46 as my potential target for the bottom.
Analysis of the cycles: this is the main reason that I am not expecting a sizeable pullback on NVDA after all this huge bullish move since Oct. 2022 bottom.
NVDA is in the second 20D cycle of second 40D cycle of second 80D cycle of second 20W cycle of a 40W cycle.
This upcoming 40W cycle trough is already past due and I am expecting it on the second week of August.
