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NVIDIA Corp. Exhibits Corrective Wave Structure in Recent Trading Analysis

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1 week ago

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Nvidia Stock Chart Analysis

NVIDIA Corporation (NVDA) is currently undergoing a significant corrective trend, as revealed by a detailed Elliott Wave analysis.

According to the latest insights, the stock is in a corrective phase characterized as a flat structure, specifically identified as intermediate wave (4). Market analysts are observing a downside movement within this corrective wave, with a target price set at $84, indicating a crucial level for potential price stability where wave C would equal wave A.

In the shorter time frame, the 1-hour chart indicates that NVDA continues to decline within the minor wave C. Analysts expect the price to push lower, but an anticipated bounce could occur around the $100 mark, specifically at Trading Level1 (TL1). This bounce may materialize as wave {iv} before the final movement downward to complete the ongoing corrective pattern.

Technical analysis provided by Alessio Barretta highlights the current unfolding structure while also emphasizing the inherent risks associated with trading and investment decisions. Traders are advised to consider their financial situations carefully before proceeding with any investment based on this analysis.

Rachel Adams

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