NVIDIA delivered another remarkable earnings report.

Revenue growth remained extremely strong, AI demand stayed powerful, and spending by major cloud players showed little sign of slowing.

Yet what caught my attention was not the earnings.

I was listening to a post-earnings discussion on Bloomberg Television, and one observation caught my attention. The discussion seemed less about quarterly numbers and more about expectations.

Markets are no longer asking:

"Are results good?"

They are asking:

"Can growth remain extraordinary?"

That shift matters.

Toward later stages of powerful trends, expectations sometimes begin running faster than reality.

And NVIDIA today has become much more than a semiconductor stock.

It has become a proxy for the entire AI trade.

When NVIDIA rises, semiconductor stocks often rise.

When NVIDIA disappoints—even slightly—the broader technology market notices.

That brings me to my chart work.

As of 25 May 2026, NVIDIA closed at $215.33.

I am working with the paradigm that the December 2018 low at $3.11 marked the beginning of a major Mega Wave III advance.

For ease of understanding, let us gradually zoom in.

Now let us look at the details that make up this giant Wave III!

Wave 1 topped in late 2021.

Wave 2 ended in October 2022.

That launched what Elliotticians recognize as one of the strongest phases of any sequence: the third wave.

Wave 3 advanced very close to a classic Fibonacci relationship.

Markets often leave clues if we know where to look.

Wave 4 corrected close to the 50% area before Wave 5 began.

The next task was estimating a probable destination.

Readers of my book “Five Waves to Financial Freedom” know that I frequently use a simple technique: measure from 0 to 3, apply a Fibonacci relationship and project from Wave 4.

That exercise generated a target of:

$236.64

NVIDIA's actual high on 14 May 2026:

$236.54

Ten cents short.

Not ten dollars.

Ten cents.

That is unusually precise.

And that raises a much bigger question.

Perhaps we should stop asking:

"How much higher can NVIDIA go?"

And begin asking:

Has Mega Wave III already completed?

We can get a sense of this by looking in detail at the sub-waves that make up Wave 5.

The internal relationships continue to look surprisingly clean.

We have reached and found some resistance at the mid-point between two adjacent Fibonacci targets. These and other helpful and practical insights are explained in detail in my online course at https://elliottwaves.com. That teaches you actually HOW to TRADE, not how to count waves.

If prices begin weakening and break decisively below roughly $189, I would not be be surprised to see a revisit toward the previous sub-wave 4 area.

This is not proof of a major top.

But it may become an early clue.

For now I remain open-minded.

The market will reveal the answer.

Incidentally, many of the concepts discussed here are covered in greater depth in my educational program, How to Profit from Elliott Waves, and in my book, Five Waves to Financial Freedom.

Good luck.

Ramki Ramakrishnan
Author: Five Waves to Financial Freedom
Wavetimes.com