Nvidia Earnings Preview: The Elliott Wave Setup Just Got Complicated
The wave structure heading into earnings has become messier - here's what bulls and bears need to see for a clean directional setup
As always, Nvidia NVDA 0.00%↑ earnings are a report all wait for, as it has driven the larger AI market with its centralized market share and pulse on the sector. This report comes at a time when the new Rubin platform is ramping and expected to ship in volume in another quarter or two. How will the revenue profile look, and what can the market expect in terms of growth with such a large base to be working off of with 2025’s numbers?
The ultimate question is, where does the stock go from here?
Last Sunday, I showed how a setup for much lower was in the early innings, and we needed to see a few more waves down to confirm it. Well, those few more waves didn’t all happen, and the stock bounced back up and retraced more than it should have if it were heading lower immediately.
At best, if the downside setup is happening immediately, it is only as a leading diagonal. Even then, it doesn’t look highly probable. Thus, it leaves me with really only one or two other options at this juncture. One of them is we’re not complete in the C wave of (B), and will tag a higher high, and the other is we have a more complex corrective structure playing out.
A clean reset could come with a higher high to complete wave (B), or if we head straight down and break the lows near $169.55. Either way, this has become less straightforward and messier.
Thus, this is not something with a clear direction going into the earnings report. I’ll have to wait for this corrective structure to clear up before I can see a more definitive setup to the downside to complete the entire structure that’s been playing out since October.
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