Elliott Wave Analysis of Analog Devices Inc. (ADI): Current Trends and Potential Movements
This detailed Elliott Wave analysis of Analog Devices Inc. (ADI) examines the daily and 1-hour chart structures, shedding light on the prevailing trends and potential future price movements.
AMD Elliott Wave Analysis: Trading Lounge Daily Chart
Advanced Micro Devices Inc. (AMD) Daily Chart Analysis
AMD Elliott Wave Technical Analysis Overview:
- Function: Counter Trend
- Mode: Corrective
- Structure: Complex
- Position: Wave c of (y) of {iv}
- Direction: Downside into wave c
Key Insights:
- After encountering resistance at TradingLevel2 ($200), AMD's price has retraced to $120, a level where support might form.
- The stock is in wave c of a complex correction (y) within wave {iv}.
- A further decline is expected before completing this corrective phase, as wave c of (y) could push lower before reversing.
AMD Daily Chart Analysis – Summary
The daily Elliott Wave analysis suggests AMD is undergoing a corrective phase in wave {iv}. This phase involves wave c of (y), indicating further downside potential before a rebound occurs. The critical resistance at $200 caused a retracement to $120, where temporary support may emerge. However, additional downside pressure is likely before this phase concludes.
AMD Elliott Wave Analysis: Trading Lounge 1-Hour Chart
Advanced Micro Devices Inc. (AMD) 1H Chart Analysis
Technical Analysis Overview:
- Function: Counter Trend
- Mode: Corrective
- Structure: Complex
- Position: Wave (3) of micro 3
- Direction: Downside in wave 3
Key Insights:
- The 1-hour chart indicates AMD is within wave (3) of micro wave 3, part of a larger wave c correction.
- An internal subdivision is evident, with further downside likely in supermicro wave (3) of micro 3.
- The current structure suggests continued downward momentum in the short term.
AMD 1H Chart Analysis – Summary
The 1-hour Elliott Wave chart analysis highlights AMD's ongoing wave (3) of micro wave 3, part of the broader wave c correction. This pattern points to additional downside pressure as the correction unfolds, with short-term support levels unlikely to halt the downward movement entirely. Further declines are anticipated before the correction completes.
Technical Analyst: Alessio Barretta
Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here
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