Nvidia (NVDA) is exhibiting an impulsive cycle from the April 2025 low. The stock is currently in the terminal wave ((5)), featuring a nested five-wave structure. The advance started at wave ((4)) low of $164.07, with wave (1) reaching $195.62. A correction in wave (2) finished at $176.18, after which wave (3) continued the upward motion.

Within wave (3), wave 1 ended at $185.20, and wave 2 retraced to $176.76. The rally accelerated in wave 3, with wave ((i)) completing at $195.47 and wave ((ii)) finding support at $191.91. The next steps project wave ((iii)), followed by a consolidation in wave ((iv)), and a final move in wave ((v)) of 3. This progression suggests ongoing higher highs, until wave (5) of ((5)) concludes the cycle from April 2025.

Current support is strong at the $176.18 pivot low. Provided this level remains, any corrective dips should attract buyers for further upside potential. The impulsive framework and bullish momentum align with Elliott Wave principles, ensuring the advance remains on track.

From our perspective on October 29, 2025, the ongoing bullish structure in Nvidia suggests a clear path forward. We see the stock is in a strong upward trend that began in April 2025, and it appears poised to continue making higher highs. Any short-term weakness should be viewed as a potential entry point for bullish positions, especially as the current wave structure suggests momentum is still building.

This technical outlook is supported by strong fundamental expectations ahead of the company’s Q3 earnings report, anticipated in mid-November 2025. Analysts are projecting record data center revenues, potentially exceeding $35 billion, fueled by sustained demand for its next-generation “X200” AI accelerators. This fundamental tailwind aligns with the technical forecast for a continued rally in the coming weeks.

Given this, we should consider strategies that capitalize on the well-defined support level at $176.18. Selling out-of-the-money put credit spreads with a short strike below this pivot point could be an effective way to collect premium. This strategy profits from both a rising stock price and time decay, aligning with the view that the $176.18 level will hold firm.

For those with a more aggressive directional bias, buying call options or establishing bull call spreads could directly capture the expected upward price movement. Looking at expirations in late November or December 2025 would allow time for the anticipated post-earnings rally to unfold. This approach targets the completion of the final impulse wave higher.

It is important to note that implied volatility is increasing as we approach the earnings announcement, which makes options more expensive. This rising IV enhances the premium received from selling puts but increases the cost of buying calls. We must factor this dynamic into our strategy selection and position sizing.

The key risk pivot remains $176.18, as a break below this price would invalidate the immediate bullish impulse structure. We should use this level as a clear line in the sand for managing risk on any long derivative positions. As long as we remain above it, the path of least resistance appears to be to the upside.