NVIDIA (NVDA): Wave 1 Nearly Complete – New Entry Opportunity?

Aug 23

After a break, we’re taking another look at NVIDIA, which is now around $100 — which sounds like a much more attractive level compared to $1100. But it isn't, as in the meantime we witnessed a stock split. We still see more upside for NVIDIA as we believe we are in Wave (5) of the current cycle, if our count is correct.

Zooming in, the past surge doesn't need much commentary as it was mostly upward movement without significant corrections. Now, it looks like we’re getting into the intra-wave structure. We expect Wave 1 to finish after one last leg up to complete the five-wave cycle for Wave 1.

Afterward, we could look for entry points at the end of Wave 2. If this scenario plays out with the bearish divergence on the RSI, we will update you on how we plan to position ourselves.