NVIDIALong
NVDA Currently - ABC Correction & Explanation
Nvidia at the moment is currently in an overall ABC correction.
Wave A is made up of 5 sub waves (or sometimes 3)
- With the 5th wave being extended, in this example.
Verifying that the Wave 3 (marked in blue) ends where It does by looking at the 5 sub waves (purple) that make up that Wave 3.
- Within Wave 3 there are 5 waves, with the 3rd wave being extended (longer than 1.618 times the length of wave 1).
- We can figure out where the 5th wave will end by measuring the length of wave 1.
- Using the fib extension tool place the first point at the start of the first wave, the 2nd point at the end of the first wave, and the 3rd point at the end of the 4th wave.
- The 5th wave will end at the 1.272 fib, as can be seen in the chart.
Verifying that Wave 5 (blue) ends where it does by using fibs on the previous waves (blue)
- Using the fib extension tool measure the length of wave 1 (blue)
- This will show us that Wave 3 (blue) is longer than 1 times the length of Wave 1, but is shorter than 1.618 times the length of Wave 1
- Because of this we will have to place the 2nd point of the fib extension at the end of Wave 3 (blue), and the third point at the end of Wave 4.
- Wave 5 will end at the 1.0 fib
Sub waves within Wave 5
- By taking a fib retracement of Wave 1 (purple), we can see that Wave 2 (purple), wicks the 0.5 fib.
- Using our EW rules this means that wave 3 will end at 2.618 times the length of Wave 1.
- The EW rules also state that Wave 4 will be between the 0.236 and 0.382 fibs when taking a fib retracement of the 3rd Wave.
- Since Wave 3 is extended, (longer than 1.618 times the length of Wave 1), we have to place the 3rd point of the fib extension at the end of Wave 4.
- Wave 5 should end at the 1.272 fib, and it does. It also matches our previous fib to find where our overall wave 5 will end which means we have more than 1 confirmation of the ending price of Wave 5.
Wave B
- Taking a fib retracement of the entire Wave A, will help us find where Wave B will end.
- 0.618 for a typical Wave B
Disclaimer: This is my prediction and I am only posting for educational purposes.
Wave A is made up of 5 sub waves (or sometimes 3)
- With the 5th wave being extended, in this example.
Verifying that the Wave 3 (marked in blue) ends where It does by looking at the 5 sub waves (purple) that make up that Wave 3.
- Within Wave 3 there are 5 waves, with the 3rd wave being extended (longer than 1.618 times the length of wave 1).
- We can figure out where the 5th wave will end by measuring the length of wave 1.
- Using the fib extension tool place the first point at the start of the first wave, the 2nd point at the end of the first wave, and the 3rd point at the end of the 4th wave.
- The 5th wave will end at the 1.272 fib, as can be seen in the chart.
Verifying that Wave 5 (blue) ends where it does by using fibs on the previous waves (blue)
- Using the fib extension tool measure the length of wave 1 (blue)
- This will show us that Wave 3 (blue) is longer than 1 times the length of Wave 1, but is shorter than 1.618 times the length of Wave 1
- Because of this we will have to place the 2nd point of the fib extension at the end of Wave 3 (blue), and the third point at the end of Wave 4.
- Wave 5 will end at the 1.0 fib
Sub waves within Wave 5
- By taking a fib retracement of Wave 1 (purple), we can see that Wave 2 (purple), wicks the 0.5 fib.
- Using our EW rules this means that wave 3 will end at 2.618 times the length of Wave 1.
- The EW rules also state that Wave 4 will be between the 0.236 and 0.382 fibs when taking a fib retracement of the 3rd Wave.
- Since Wave 3 is extended, (longer than 1.618 times the length of Wave 1), we have to place the 3rd point of the fib extension at the end of Wave 4.
- Wave 5 should end at the 1.272 fib, and it does. It also matches our previous fib to find where our overall wave 5 will end which means we have more than 1 confirmation of the ending price of Wave 5.
Wave B
- Taking a fib retracement of the entire Wave A, will help us find where Wave B will end.
- 0.618 for a typical Wave B
Disclaimer: This is my prediction and I am only posting for educational purposes.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.