AMD and NVIDIA show an interesting bullish patterns from Elliott wave perspective.
Looking at AMD and NVIDIA 4-hour charts, we can see nice bullish setup patterns that can send the price higher. Nvidia is forming a potential inverted Head&Shoulders pattern, while AMD has pretty clean bullish setup formation with five waves up from the lows followed by a complex W-X-Y correction. Well, if Nvidia breaks the neckline of Head&Shoulders pattern and if AMD breaks above 75 region, then stocks could easily stay in uptrend.
![AMD and NVIDIA Show Bullish Price Action 4H Charts](https://cdn1.wavetraders.com/wp-content/uploads/2023/01/amdVSnvda-1024x448.jpg)
We don’t track single stocks regularly, but from time to time we share them in connection to cryptocurrencies, as technology sector has a big impact on Bitcoin and friends. If we also take a look on BTC/NASDAQ ratio chart, we can now finally see it breaking above channel resistance line after a completed five-wave cycle within wave C of an A-B-C correction. So, bulls could be back, especially if ratio jumps back above 2.0 region. Ratio is actually telling us which asset will be stronger/weaker, so if we consider that some single stocks could recover, then BTC could recover even more. One of the main reasons why stocks can be bottoming is a speculation that FED will stop raising rates this year as inflation is coming down, while jobs are still stable.
![AMD and NVIDIA Show Bullish Price Action BTC/NDQ Ratio Chart](https://cdn1.wavetraders.com/wp-content/uploads/2023/01/daily-btcndx-jan-18-2023.png)
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