Analyzing $NVIDIA Corp(NVDA)$ we can see a complex market picture. The large Elliott waves (orange) indicate five primary price movements, with three being impulsive waves upward (1, 3, 5) and two corrective waves (2, 4). The smaller Elliott waves (white) represent sub-waves within the larger upward trend of wave (5).Potential support at a yellow channel, which is aligned with previous troughs and peaks, suggesting it's a significant level for future price action. The correction that may occur is suggested by the Fibonacci levels drawn on the last impulse of wave (5). The 0.5 Fibonacci level, often acting as a significant retracement level, points to a potential support area around $600.76, while the 0.618 Fibonacci level indicates a price around
Can Nvidia Hit $850 This Week After Earnings Blowout?
NVIDIA's quarterly revenue was $22.1 billion, surpassing the expected $20.62 billion. EPS was $5.15, remarkable 486% year-over-year, also exceeding the expected $4.64. NVDA also provided very optimistic guidance. The CEO stated that demand will continue into 2025 and beyond. Most chip stocks like SMCI, AMD, ARM rise in the extended market after Nvidia's earnings beats. ------------------- Can Nvidia hit $850 this week? Which chip stock will perform best after Nvidia's earnings? What's your pick?
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