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NVIDIA - Continuing Bearish Pattern
Nvidia continues to have a bearish Elliott wave count. After the Elliott wave – Ending Diagonal Triangle top there was a clear five waves down. The rally into 08/30/23 failed to exceed the 08/24/23 top.
The rally on 09/01/23 failed to exceed the 08/30/23 peak. Also, on 09/01/23 both the S&P 500 and Nasdaq Composite made post 08/18/23 rally highs, NVDA did not make a new rally high.
Up until now NVDA had been outperforming both of the indices in upside progress. Now its lagging.
This is a bearish sign for both NVDA and the broader U.S. stock market. NVDA has short – term support in the low 400 area. In the coming weeks it could go much lower.
The rally on 09/01/23 failed to exceed the 08/30/23 peak. Also, on 09/01/23 both the S&P 500 and Nasdaq Composite made post 08/18/23 rally highs, NVDA did not make a new rally high.
Up until now NVDA had been outperforming both of the indices in upside progress. Now its lagging.
This is a bearish sign for both NVDA and the broader U.S. stock market. NVDA has short – term support in the low 400 area. In the coming weeks it could go much lower.
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