Nasdaq 33,000 Next? NVIDIA Could Trigger the Breakout

AI-generated source summary

The Nasdaq is in an acceleration phase, having moved from sideways consolidation since June into an impulse phase. The analysis uses harmonic patterns, specifically M and W shaped wave structures, to identify key levels. A projected 1.618 advance target is set at 33,300, based on a previous retracement high of 28,000. This level is considered the minimum objective for the next impulse. The video highlights that these 1.618 advances tend to perform predictably, often marking a change of character in the market. For NVDA, a bearish shark pattern failed, leading to a bullish prediction. The analysis points to two target levels for NVDA: 250 (based on a shark-to-5-0 harmonic target) and 265 (based on a high-to-low retracement projection). The failure of the bearish setup after a long consolidation suggests a move higher is likely. The S&P 500 is showing a broadening wedge pattern, indicating a partial decline after failing to retest resistance. This setup, with a 70% probability of a breakout, suggests a bullish move into price discovery in the near term. The Russell 2000 is identified as the last to move, finishing consolidation and retracement, and is seen testing its 200-day moving average. It's suggested that once the Nasdaq and S&P 500 make their runs, the Russell 2000 will follow, possibly with a lagging effect.

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