AMD and NVIDIA Show Bullish Price ActionJan 18, 2023

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
AMD + NVIDIA 4H Charts

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
BTC/NDQ Daily Ratio Chart

Interested in cryptocurrencies? Loopring is turning from the support. Check our chart HERE


Any reviews, news, analysis, prices or other information contained on our website is provided as general market commentary and delivered electronically through a distribution channel to larger number of clients, therefore does not constitute investment advice or investment research. We are not trading advisors. Most of our work is for educational purposes only, with information based on Elliott Wave theory in real time. Trading forex, futures, options, stocks, cryptocurrenices or any another trading market carries a high level of risk, and may not be suitable for all investors.

The possibility exists that you could lose some or all of your initial investment; therefore you should not invest money that you cannot afford to lose. Our website and the information that we provide should not be relied upon as a substitute for extensive independent research before making your investment decisions. In no event will we be liable for any loss or damage on your account in connection with, the use of our products. For any real cash investments you have to contact your financial advisor.

Any information or material contained on our website is owned by Val Global d.o.o.. Reproduction is prohibited without Val Global d.o.o. prior license in writing.

By continuing to use the site, you agree to the use of cookies. Learn more.

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.