Nvidia (NVDA) broke to new all-time high as we start 2024. The stock shows incomplete impulsive structure from the last significant low on October 31, 2023 low. The rally from October 31 is unfolding as a 5 waves impulse Elliott Wave structure. Up from October 31, wave ((1)) ended at 505.48 and dips in wave ((2)) ended at 450.10. The stock then resumes higher in wave ((3)) with internal subdivision as 5 waves. Up from wave ((2)), wave (1) ended at 504.33 and pullback in wave (2) ended at 473.20. Internal subdivision of wave (2) unfolded as a flat structure. Down from wave (1), wave A ended at 480.8 and wave B ended at 499.97. Wave C lower ended at 472.6 which completed wave (2).
Up from wave (2), wave 1 ended at 481.8, and pullback in wave 2 ended at 473.20. Stock resumes higher in a nest. Up from wave 2, wave ((i)) ended at 485 and dips in wave ((ii)) ended at 477.30. Stock resumed higher in wave ((iii)) towards 543.25 and pullback in wave ((iv)) ended at 530.18. Expect the stock to extend higher to end wave ((v)) of 3. Afterwards, it should pullback in wave 4 to correct cycle from 1.3.2024 low before it resumes higher. Near term, as far as pivot at 472.6 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.
