This updated Elliott Wave analysis examines SuperMicro Computers Inc. (SMCI) through daily and intraday charts, offering insights into its ongoing corrective wave structure. The corrective pattern suggests limited upside as wave {c} nears resistance, hinting that the cycle could soon conclude.
SuperMicro Computers Inc. (SMCI) Elliott Wave Analysis – Trading Lounge Daily Chart
SMCI Elliott Wave Forecast – Daily Timeframe
FUNCTION: Counter Trend
MODE: Corrective
STRUCTURE: Flat
POSITION: Wave {c} of 2
DIRECTION: Short-term Upside in wave {c}
Technical Insight:
SMCI’s current Elliott Wave setup shows a developing rally within wave {c} of wave 2. This move, stemming from the April 7 low, lacks the traits of a strong bullish impulse. Instead, it supports the structure of a larger flat correction. Based on Elliott Wave principles, limited upside remains in wave {c}, with the expectation that this upward leg will complete soon—potentially signaling the resumption of a downward correction.
SuperMicro Computers Inc. (SMCI) Elliott Wave Analysis – Trading Lounge 1H Chart
SMCI Elliott Wave Forecast – Intraday Timeframe
FUNCTION: Counter Trend
MODE: Corrective
STRUCTURE: Flat
POSITION: Wave (iii) of {c}
DIRECTION: Upside in wave (iii)
Technical Insight:
On the 1-hour chart, SMCI is advancing within wave (iii) of {c}, pointing to a progressing internal wave structure inside the corrective phase. Momentum analysis suggests this wave is still unfolding. A key resistance level lies near the $41 mark—where wave {c} may equal wave {a} in magnitude. This price zone could become a significant pivot or reversal point, marking the end of the corrective rally.
Technical Analyst: Alessio Barretta
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