NVIDIA Archives - Page 2 of 2 - Elliott Wave Forecast

The VanEck Semiconductor ETF (SMH) is an exchange-traded fund that tracks a market-cap weighted index composed of 25 of the largest U.S.-listed semiconductor companies. The top holdings of SMH include companies like NVIDIA, Taiwan Semiconductor Manufacturing, Broadcom Inc., Texas Instruments, QUALCOMM, ASML Holding N.V., Applied Materials, Inc., Lam Research Corporation, Micron Technology, Inc., and Advanced Micro Devices, Inc.

SMH 4 Hour Chart April 19th

In March 2024, the ETF made a peak at 239.14 high and we called as wave (III). Then, the market started a pullback and we called a double correction structure. Down from the peak, we can see 3 swings that ended wave w at 212.82 low. Another 3 swings bounced to finish wave x at 230.95 high. From here, we were looking for 3 swings more to the downside to reach 204.63 – 188.26 area. In the blue box, we were expecting that buyers appear to call wave y and wave (IV) ended and resume the rally in wave (V).

SMH 4 Hour Chart May 23th

After a month, We can see SMH reached the blue box ended wave (IV) at 198.41 low and rally as expected. The ETF is developing an impulse as wave I of (V) and we see the structure incomplete at the moment. The uptrend ended wave ((1)) of I at 219.62 high. Then we had a fast correction as wave ((2)) ending at 206.11 low. The market remained up with a strong momentum in wave ((3)). Wave (1) of ((3)) ended at 223.18 high. Wave (2) correction at 218.11 low. The rally continued ending wave (3) at 236.04 high and wave (4) pullback at 231.87 low.

After NVDA earnings results, SMH broke higher above wave (III) peak confirming more upside extension. Currently, wave (5) of ((3)) could be near to end. When we see a strong correction as wave ((2)), wave ((3)) should be ended and we would expect 3, 7 or 11 swings correction to complete wave ((4)) before resuming to the upside in wave ((5)) of 1. The strategy is looking for buying opportunities after wave ((4)) is completed to trade wave ((5)) higher.

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Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of NVIDIA (NVDA) Stock published in members area of the website. Our members are aware of the numerous positive trading setups we’ve had among Stocks and Indices recently. One of them is NVIDIA , which made a pullback, that unfolded as an Elliott Wave Double Three Pattern. It completed clear 7 swings from the peak on March 8th peak and concluded the correction right at the Equal Legs zone (Blue Box Area). In the following text, we’ll delve into the Elliott Wave pattern and trading setup.

Before we take a look at the real market example, let’s explain Elliott Wave Double Three pattern.

Elliott Wave Double Three Pattern

Double three is the common pattern in the market , also known as 7 swing structure. It’s a reliable pattern which is giving us good trading entries with clearly defined invalidation levels.
The picture below presents what Elliott Wave Double Three pattern looks like. It has (W),(X),(Y) labeling and 3,3,3 inner structure, which means all of these 3 legs are corrective sequences. Each (W) and (Y) are made of 3 swings , they’re having A,B,C structure in lower degree, or alternatively they can have W,X,Y labeling.

NVDA H4 weekend update 04.21.2024

NVDA is currently in a wave IV red correction, unfolding in a 7-swing pattern. We’ve labeled the pullback as ((W)))((X))((Y)) in black. The first leg, ((W)) in black, shows a clear 3-wave structure (A)(B)(C) in blue, followed by a 3-wave bounce in ((X)) black. We anticipate the pullback to form a Double Three pattern, projecting 3 waves in ((Y)) black. The price has hit the extreme zone, marked by the blue box, and we know the correction could end anytime. We expect the stock to rally toward new highs or bounce in 3 waves. When the price retraces to the 50% Fibonacci level against the ((X)) black connector, we’ll secure positions, set the stop loss at breakeven, and take partial profits.

Official trading strategy on How to trade 3, 7, or 11 swing and equal leg is explained in details in Educational Video, available for members viewing inside the membership area.

Quick reminder on how to trade our charts :

Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable. 🚫

NVDA H4 weekend update 04.25.2024

NVDA stock found buyers as expected and made a decent rally from the Blue Box. The bounce has already reached the 50% Fibonacci retracement level against the ((X)) black connector, confirming that the cycle from the peak is complete. Consequently, any long positions taken from the equal legs area are now risk-free, and we have already taken partial profits. We consider wave IV red completed at the 756.27 low.

Keep in mind not every chart is trading recommendation. You can check most recent charts and new trading setups in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.

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SMH Semiconductor ETF Reacted from a Blue Box Breaking to New Highs