After Nvidia initially reached a new local high, significant downward pressure recently emerged, erasing the gains from late January. Primarily, we attribute some additional upside potential to the green wave [X] and expect its high closer to the resistance at $212.16. However, below this level, price should turn downward again with wave [Y] to complete the larger correction of beige wave IV. We anticipate the corresponding low above the support at $145.50. In the subsequent wave V, we expect increases into our red Target Zone ($227.38 – $260.60), where the large light green wave [1] should also be completed. In our alternative scenario, NVDA might already have completed the light green wave alt.[1] with the peak at $212.16. In this case, the stock would already be in a larger correction and would next dive below the support at $145.50 (probability: 33%).
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