Hello fellow traders. In this technical article we\u2019re going to take a look at the\u00a0Elliott Wave charts\u00a0charts of NVIDIA (NVDA) Stock published in members area of the website. Our members are aware of the numerous positive trading setups we\u2019ve had among Stocks<\/a> and Indices recently. One of them is NVIDIA , which made a pullback, that unfolded as an Elliott Wave Double Three Pattern. It completed clear 7 swings from the peak on March 8th peak and concluded the correction right at the Equal Legs zone (Blue Box Area). In the following text, we\u2019ll delve into the Elliott Wave pattern and trading setup.<\/p>\n Before we take a look at the real market example, let\u2019s explain Elliott Wave<\/a> Double Three pattern.<\/p>\n Double three is the common pattern in the market , also known as 7 swing structure. It\u2019s a reliable pattern which is giving us good trading entries with clearly defined invalidation levels. <\/a><\/p>\n NVDA is currently in a wave IV red correction, unfolding in a 7-swing pattern. We\u2019ve labeled the pullback as ((W)))((X))((Y)) in black. The first leg, ((W)) in black, shows a clear 3-wave structure (A)(B)(C) in blue, followed by a 3-wave bounce in ((X)) black. We anticipate the pullback to form a Double Three pattern, projecting 3 waves in ((Y)) black. The price has hit the extreme zone, marked by the blue box, and we know the correction could end anytime. We expect the stock to rally toward new highs or bounce in 3 waves. When the price retraces to the 50% Fibonacci level against the ((X)) black connector, we\u2019ll secure positions, set the stop loss at breakeven, and take partial profits.<\/p>\n Official trading strategy on\u00a0How to trade 3, 7, or 11 swing and equal leg<\/strong>\u00a0is explained in details in Educational Video.<\/p>\n Quick reminder on how to trade our charts :<\/p>\n Red bearish stamp+ blue box = Selling Setup NVDA stock found buyers as expected and made a decent rally from the Blue Box. The bounce has already reached the 50% Fibonacci<\/a> retracement level against the ((X)) black connector, confirming that the cycle from the peak is complete. Consequently, any long positions taken from the equal legs area are now risk-free, and we have already taken partial profits. We consider wave IV red completed at the 756.27 low.<\/p>\n Keep in mind\u00a0 not every chart<\/a> is trading recommendation.<\/p>\nElliott Wave Double Three Pattern<\/h2>\n
The picture below presents what Elliott Wave Double Three pattern looks like. It has (W),(X),(Y) labeling and 3,3,3 inner structure, which means all of these 3 legs are corrective sequences. Each (W) and (Y) are made of 3 swings , they\u2019re having A,B,C structure in lower degree, or alternatively they can have W,X,Y labeling.<\/p>\nNVDA H4 weekend update 04.21.2024<\/h3>\n
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable.\u00a0<\/p>\n![](\"https:\/\/editorial.fxstreet.com\/miscelaneous\/image-638497458614163135.png\")
<\/a><\/p>\nNVDA H4 weekend update 04.25.2024<\/h3>\n
![](\"https:\/\/editorial.fxstreet.com\/miscelaneous\/image-638497458519800121.png\")
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