Nvidia (NVDA) has completed its cycle from the April 2025 low, and the stock is now entering a larger corrective phase. The correction is unfolding as a double three Elliott Wave structure, which often signals a complex retracement rather than a simple decline. From the all‑time high on October 29, 2025 at $212.19, wave (W) finished at $169.55. The subsequent rally in wave (X) reached $203.62, as shown in the 45‑minute chart.
Wave (Y) lower is now in progress, subdividing into a zigzag Elliott Wave structure. From the termination of wave (X), wave A ended at $173.11. The rally in wave B is developing as another zigzag, with wave ((a)) completing at $188.88. A short pullback in wave ((b)) is expected, followed by another leg higher in wave ((c)) to complete wave B.
As long as the pivot at $203.62 remains intact, Nvidia is positioned to resume its correction against the April 2025 low. The potential target for wave (Y) lies within the 100%–161.8% Fibonacci extension of wave (W). This zone, spanning $127.7 to $154.2, represents a critical area where buyers may emerge to stabilize price action. Traders should monitor the development of wave B closely, since its completion will likely set the stage for the next leg lower. The Fibonacci extension zone provides a logical area for potential support.
Nvidia (NVDA) 45-minute Elliott Wave chart
Nvidia Elliott Wave [Video]
Source: https://www.fxstreet.com/news/elliott-wave-perspective-nvidias-range-bound-action-tilts-bearish-video-202603180449
