Nvidia is making more upside this week, now trading above the 200 level on optimism that the US and China could reach a tariff deal. From an Elliott Wave perspective, the stock still appears to be in wave five, with an extended higher-degree black wave three now approaching its first resistance around the 38.2% projection. If risk-on sentiment continues, the price may even retest the upper side of the Elliott Wave channel near the 230 area. This suggests that Nvidia could be entering an important zone where the higher-degree black wave three might complete, followed later by a deeper fourth-wave retracement before more upside resumes. So, I would stay patient and watch for a possible dip toward the 164–185 area once wave four begins.
Highlights:
Trend: Ongoing uptrend; wave five still in progress
Potential: Reaching 230 resistance before wave four pullback
Support: 164–185 zone
Invalidation: Below 164
Note: Watch for signs of exhaustion near 230; next deep could offer new opportunity
Highlights:
Trend: Ongoing uptrend; wave five still in progress
Potential: Reaching 230 resistance before wave four pullback
Support: 164–185 zone
Invalidation: Below 164
Note: Watch for signs of exhaustion near 230; next deep could offer new opportunity
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