Short Term view in Nvidia (NVDA) suggests the rally from October 5 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from October 5, wave ((1)) ended at 213.22 and pullback in wave ((2)) ended at 204.33. Internal of wave ((2)) unfolded as a zigzag structure. Down from wave ((1)), wave (A) ended at 209.41 and wave (B) pullback ended at 212.99. Stock then resumes lower in wave (C) which ended at 204.26. This completed wave ((2)).
The stock has rallied higher in wave ((3)). Internal of wave ((3)) is unfolding as a 5 waves impulsive structure. Up from wave ((2)), wave (1) ended at 210.63 and pullback in wave (2) ended at 205.11. Stock has resumed higher in wave (3) towards 219.39, wave (4) ended at 216.44, and wave (5) of ((3)) should end soon. Afterwards, expect a pullback in wave ((4)) to correct cycle from October 11, 2011 low before the rally resumes in wave ((5)). Near term, as far as wave ((2)) pivot low at 204.26 stays intact, expect wave ((4)) pullback to find support in 3, 7, or 11 swing for further upside.
