NVIDIA is trading at a new monthly low, with price action forming what appears to be a five-wave leading diagonal from the highs—a bearish Elliott Wave reversal pattern characterized by the overlap between waves two and four. This suggests the current decline may not be over yet. Short-term support is seen around 194, where the first leg of the larger correction could complete before an A-B-C rebound unfolds. Any recovery may face resistance in the 214–218 area, while 236.6 remains the key short-term invalidation level.
Overall, NVIDIA appears to be entering a higher-degree corrective phase. A more attractive buying opportunity may emerge closer to the major support zone around 154–160 if the broader correction continues.
Highlights:
- Five-wave leading diagonal points to a bearish reversal.
- Wave overlap supports the diagonal interpretation.
- Initial support is located near 194.
- An A-B-C rebound could reach 214–218 resistance.
- 236.6 is the key short-term invalidation level.
- Larger corrective phase appears to be underway.
- Major support is seen around 154–160.
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