In my last post on Nvidia, I said that I was looking for a fourth wave to come down and attack the lower channel line. As far as the daily chart below, shows, that has happened.
Note that the formation may be a barrier triangle because wave ④ has come down to overlap wave ③. This could result in a pop above the upper barrier trend line. If so, the usual triangle projection of 'the widest width of the triangle added to the breakout point' allows for a projection to ~200. But barrier triangles can be tricky and do not have to reach the typical targets because of the energy already expended to try to breach the barrier.
None-the-less, the Elliott Wave Oscillator (EWO/AO) has made a reasonable fourth wave travel near the zero line and could allow for a fifth wave higher. This could also result in higher prices for the NQ/NDX and ES at some point.
On the downside, the triangle would likely invalidate below the 165/170 level, and a possible Flat wave could form instead. The EWO has divergences what looks like the extended first wave, and if the first is, indeed, the extended one, then the fifth wave would have to be shorter than the third. Let's see how it goes.
This is the second post this weekend, and if you have not seen the first one, you may wish to read it now at this LINK. Have an excellent rest of day, weekend & holiday, if you are celebrating it.
TraderJoe
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