Elliott Wave Analysis of Advanced Micro Devices Inc. (AMD)

This Elliott Wave analysis of Advanced Micro Devices Inc. (AMD) delves into both the daily and 1-hour chart structures, shedding light on current trends and potential future price movements.

Advanced Micro Devices Inc. (AMD) Elliott Wave Analysis Trading Lounge Daily Chart

AMD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

Position: Wave (y) of {iv}

Direction: Bottom in wave {iv}

Details:

• AMD is currently in a corrective phase with wave {iv} moving lower.
• The price has reached the 0.618 Fibonacci level for (y) vs. (w), with the equality target standing at $75.
• Additionally, the price has touched the 0.618 ratio of wave c vs. a within wave (y), suggesting a potential bottom may form soon.
• However, further downside movement is expected before confirming the completion of wave {iv}.

Advanced Micro Devices Inc. (AMD) Elliott Wave Analysis Trading Lounge 1-Hour Chart

AMD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

Position: Micro wave 3 of c

Direction: Bottom in wave c

Details:

• On the 1-hour chart, AMD is in a pullback phase within micro wave 4 of subminuette wave c.
• Another leg lower is expected to complete wave c.
• With the current price at $120, trading below this level is crucial to confirm the anticipated further downside as the corrective wave progresses.

Technical Analyst: Alessio Barretta

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

See Previous: Caterpillar Inc. (CAT) Elliott Wave Technical Analysis

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