7 Swing WXY correction
$NVDA Daily Elliott Wave Chart 4.06.2025:
In the Daily Elliott Wave count from April 06, 2025, we saw that $NVDA completed a 5-wave impulsive cycle at blue ((I)). As expected, this initial wave prompted a pullback. We anticipated this pullback to unfold in 7 swings, likely finding buyers in the equal legs area between $101.78 and $76.16. This setup aligns with a typical Elliott Wave correction pattern (WXY), in which the market pauses briefly before resuming its primary trend.
$NVDA Daily Elliott Wave Chart 4.27.2025:
The most recent update, from April 27, 2025, shows that the stock bounced as predicted. After the decline from the January peak, the stock is now finding support from the equal legs area. Currently, it is looking for 5 waves up in wave ((1)) followed by a pullback in wave ((2)). After that, the market is expected to continue higher in wave ((3)) of a renewed bullish cycle.
Conclusion
In conclusion, our Elliott Wave analysis of NVIDIA Corp. ($NVDA) suggests that it remains supported against April 2025 lows. As a result, traders should buy the dips and monitor the $123 –$130 zone as the next potential target. In the meantime, keep an eye out for any corrective pullbacks that may offer entry opportunities. By applying Elliott Wave Theory, traders can better anticipate the structure of upcoming moves and enhance risk management in volatile markets.
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