Overview: on the last update I had on NVDA (July 29th), I had the following expectations:
Update: NVDA bottomed on August 14th at 403.11 (the timing of trough was precisely as we expected, but the price overpassed our target a bit).
Analysis of the structure:
Everything is on track, but I am doing a bit of adjustment to my labels. On the daily chart, I see NVDA going through wave (V) of a of 5.
On the hourly chart, we are in wave (A) of 3 of a of (V).
Analysis of the cycles:
we got the 40W cycle trough on August 14th, 304 days after the Oct 2022 bottom (a nominal 40W cycle lasts 272 days).
Yesterday, we got the first 5D cycle trough of the first 10D cycle trough in the second 40W cycle of a 18M cycle.
Also, we got a 10D FLD cross to the upside, with a price target of 475 (the trend underlying this 10D cycle is bullish, so we should overshoot this target). This upcoming 10D cycle trough should happen at the end of the coming week (wave (B) of 3).
- NVDA has completed wave a of 5 and its already in wave b of 5.
- b of 5 developing as a flat correction and we are in wave (c) of b.
- I have 426.46 as my potential target for the bottom.
- The upcoming 40W cycle trough is already past due and I am expecting it on the second week of August.
Update: NVDA bottomed on August 14th at 403.11 (the timing of trough was precisely as we expected, but the price overpassed our target a bit).
Analysis of the structure:
Everything is on track, but I am doing a bit of adjustment to my labels. On the daily chart, I see NVDA going through wave (V) of a of 5.
On the hourly chart, we are in wave (A) of 3 of a of (V).
Analysis of the cycles:
we got the 40W cycle trough on August 14th, 304 days after the Oct 2022 bottom (a nominal 40W cycle lasts 272 days).
Yesterday, we got the first 5D cycle trough of the first 10D cycle trough in the second 40W cycle of a 18M cycle.
Also, we got a 10D FLD cross to the upside, with a price target of 475 (the trend underlying this 10D cycle is bullish, so we should overshoot this target). This upcoming 10D cycle trough should happen at the end of the coming week (wave (B) of 3).
