Nvidia: Acceleration Toward New Highs

Nvidia gained strong upward momentum shortly after our last update, surging past the $196.45 mark, which had previously served as resistance. As a result, our prior short-term alternative scenario was triggered, and we have now adjusted the chart accordingly (with minor modifications). We now view the green wave [4] as complete and believe that the joint top of green wave [5] and beige wave III, as well as the low of wave IV, have already been established. The Target Zone we had initially set for the wave-[4] low has therefore been removed. In our updated short-term alternative scenario, we still see a 30% probability of a new low for beige wave alt.IV below the $176.21 support level. In this case, however, price would likely rebound above the lower $145.50 level.