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NVDA to $180 or $190 in 35 days ?

NVDA is re-entering an upward channel that began on August 5, 2024, when it hit a low of $90.69 following its 10:1 stock split. This movement coincides with the stock surpassing the key $140.76 high recorded on June 20, 2024, which we identify as the end of Wave 3 in its major bullish cycle.

After the Wave 4 correction, which took the price from $140.76 down to a low of $90.69 on August 5, 2024, NVDA appears to have started a Wave 5. This wave has the potential to drive the price to $180.00, or even $190.00, possibly by Friday, January 17, 2025, the last trading session before the inauguration of President Donald Trump.

Our Perspective on NVDA's Major Bullish Cycle
We divide this cycle into the following stages, based on Elliott Wave theory:

Wave 1

Period: May 13, 2016, to November 22, 2021
Price movement: from $1 to $34.65 (+3365%)

Wave 2

Period: November 22, 2021, to October 13, 2022
Price movement: from $34.65 to $10.81 (-68%)

Wave 3

Period: October 13, 2022, to June 20, 2024
Price movement: from $10.81 to $140.76 (+1202%)

Wave 4

Period: June 20, 2024, to August 5, 2024
Price movement: from $140.76 to $90.69 (-36%)

Wave 5 (in progress)

Estimated period: August 5, 2024, to January 17, 2025
Projected price movement: from $90.69 to $180.00 (channel midpoint) or $190.00 (channel top) (+100% projected).

Key Levels to Monitor

$180 as the channel midpoint, and $190 as the upper limit by January 17, 2025.
If NVDA exits the upward channel and breaks below $131, we will exit our position in the stock.

Our opinion is for educational purposes only and should not be considered a recommendation to buy. Before making any investment, consult with your financial advisor.