NVIDIA ($NVDA): Trend is still bullish

BATS:NVDA   NVIDIA Corporation
From a technical point of view, NVDA 's trend is bullish on daily and intraday charts, and after some correction, NVIDIA Stock should trigger at least the latest rally. That said, if we look at 1H chart, we see a completed wave 3 and a corrective structure in play. The 309/303 support area should limit a potential pullback before a price recovery, , and as shown on chart, the amplitude of wave 5 should be around 7%.

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NVIDIA Corp. engages in the design and manufacture of computer graphics processors, chipsets, and related multimedia software. It operates through the following segments: Graphics Processing Unit (GPU), Tegra Processor, and All Other. The GPU segment consists of product brands, including GeForce for gamers, Quadro for designers, Tesla and DGX for AI data scientists and big data researchers, and GRID for cloud-based visual computing users. The Tegra Processor segment integrates an entire computer onto a single chip and incorporates GPUs and multi-core CPUs to drive supercomputing for autonomous robots, drones, and cars, as well as for consoles and mobile gaming and entertainment devices. The All Other segment refers to the stock-based compensation expense, corporate infrastructure and support costs, acquisition-related costs, legal settlement costs, and other non-recurring charges. The company was founded by Jen Hsun Huang, Chris A. Malachowsky, and Curtis R. Priem in April 1993 and is headquartered in Santa Clara, CA.
Our analysis looks correct (the setup a little less so...😢) on daily chart, after completing wave 5 of 3, NVDA correctly triggered the expected corrective structure (although slightly deeper than my expectations). That said, the pullback has reached support around 298 area, and as long as we can stay above this level, short-term (intraday) trend remains bullish. As I said in previous updates, the amplitude of wave 5 should be around 7%, but today is not time to look at the Target, but at position management!!
Trade closed: target reached:
just luck....
...still bullish

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By Anonymous Banker
A TradingView Fan since 2015

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