NVIDIA Breaks $172 Support: FxPro Targets $164 Next

NVIDIA has broken through the $172.00 support level, and FxPro's wave analysis dated 11 November 2026 puts the next downside target at $164.00. That lower level matters to traders because it's the stock's former multi-month low from the end of March — the line that defined the floor of NVIDIA's range for much of this year.

The break at $172.00 wasn't an isolated event. According to FxPro, it came alongside the breakdown of the support trendline of the daily down channel that has been in place since October. Both failures followed an earlier, more consequential break: the loss of key support at $188.50.

Why $188.50 was the level that mattered

That $188.50 level wasn't arbitrary support. FxPro notes it was the price that stopped wave A at the start of July and stopped wave (ii) at the end of July. In plain terms, the same level deflected two separate corrective rallies this summer. When a level that has twice reversed a stock's advance finally gives way, the failure tends to carry weight — and in this case, FxPro says it did.

With $188.50 gone, then $172.00 and the October trendline breaking in turn, the analyst frames the entire sequence as one accelerating structure. The moves, in FxPro's reading, represent the active impulse wave v of the C-wave within an ABC correction labeled (B) — a pattern that began developing from the start of October.

Strip the labels away and the practical picture is straightforward: a multi-stage decline that started in early October has now cleared every major support shelf beneath it, and the wave count suggests the down-leg is in its final, typically strongest phase rather than near exhaustion.

What does this change for traders?

Two things, per the source. First, the trend bias. FxPro describes a strong daily downtrend in the stock, so the working assumption for position traders is that rallies are corrective until the wave structure completes — not a signal to buy the dip at round numbers.

Second, the price map. With $172.00 broken, the next reference point below is $164.00. FxPro expects NVIDIA to fall toward that level, and the analyst adds a market-wide qualifier: bearish sentiment across the USA equity markets "seen today" reinforces the downside case. That means the $164.00 test isn't purely a stock-specific story; it's also a bet on broader US equity weakness persisting.

For anyone managing risk around the name, the levels cut both ways. A hold at $164.00 — a level that already proved durable once, at the end of March — would be the first genuine test of whether wave v is finishing. A break of it, on the other hand, would leave the October ABC correction extending into price territory with no stated support beneath.

The setup in brief

• Broken: support at $172.00 and the support trendline of the daily down channel from October, following the earlier loss of key support at $188.50.
• Context: $188.50 stopped wave A in early July and wave (ii) in late July, making it the pivotal level of the summer.
• Structure: FxPro reads the decline as impulse wave v of the C-wave of ABC correction (B), active since the start of October.
• Target: the next support at $164.00, the multi-month low set at the end of March.
• Condition: broad bearish sentiment across US equity markets, as cited by FxPro for 11 November 2026.

The near-term question now is whether $164.00 holds where $172.00 and $188.50 could not — and FxPro's wave count implies the market gets its answer before the correction labeled (B) is done.