NVDIA - Likely to go sub $90 before making new highs

Technical Analysis: Elliott Wave | NVDA CMP: 131.6 | Dt - 15th Oct'24

Tl;dr - NVDA, which has had an extended Wave 3 advance is currently in its Wave 4 corrective pattern. This pattern should see it test further lows in the ongoing A-B-C correction. Once the ongoing retracement ends, it should start its last Wave 5 advance to new highs.

Key Highlights - EW Analysis by AlgoChirp

• Primary Count - Weekly Chart below

  • Corrective Wave 4, is underway with Wave B in its final stages. This should be followed by Wave C and that should drag the prices down to April’24 lows.

• Alternate count - However, if weekly RSI breaks the trend line or if price makes all time highs then it might imply that Wave 4 correction is already over and Wave 5 advance is already underway.

  • If this count becomes the primary count then potential Wave 5 price targets are shown in the charts below.

Chart #1 - Weekly

Chart #2 - Daily

Analyst Rating vs EW count

Analyst rating suggests strong bullish outlook for Tesla. Per EW, short term projection is for price to make lower lows before heading higher.

• Long Term - In sync with EW count

• Short Term - Not in sync with EW count