Stocks

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

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