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Nvidia (NASDAQ:NVDA) – New Buying Opportunity in the Horizon?

Nvidia Corporation (NASDAQ:NVDA) has grown to become a leader in manufacturing graphic processing units (GPU) for computer and gaming devices as well as Artificial Intelligence (AI). In the recent 2 years, the American company benefited the most from the growth of cryptocurrency and artificial intelligence markets. However, back in October 2018, the stock made a major peak at $292 and started correcting to the downside loosing more than 50% of its value in 2 months.

Nvidia stock wasn’t the only one being hit in recent decline as it’s direct competitor, Advanced Micro Devices (NASDAQ:AMD), suffered a 45% decline in October among other Technology and Semiconductor stocks around the world. Market sentiment started to switch as many investors considered the move to be just the the first leg of a bear market but is that really the case? It could be or it the current decline could end all the correction and start another major rally into new all time highs. We do understand that long-term investors take positions based on fundamentals analysis such as the company’s competitive environment, corporate strategy, management, products, earnings outlook, valuation and / or balance sheet but technical analysis can highlight high probability inflection areas in the market which can act as a great entry points regardless of whether you are a trader looking to hold the stock for a few weeks to a few months or an investor looking for to hold the stock from a few months to a few years. I will present the technical picture based in Elliott Wave and highlight the next inflection area in the stock.