AMD Elliott Wave Analysis – Trading Lounge Daily Chart
Advanced Micro Devices Inc. (AMD) Daily Chart Overview
AMD Elliott Wave Technical Overview
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave (v) of {iii}
Direction: Possible Top in Wave (v)
Details: Price nearing Minor Group 2 zone around $180, signaling potential completion of wave {iii}.
On the daily timeframe, AMD stock is approaching the final phase of an impulsive Elliott Wave cycle. Currently, wave (v) of {iii} is developing, and price action is moving close to the key resistance level at $180, aligning with the end of Minor Group 2 in wave terms.
Though AMD maintains an upward trend, the proximity to this resistance level may indicate a short-term peak. A break or reversal around this zone would suggest wave {iii} has completed, initiating a corrective wave {iv} pullback. Traders are advised to watch for reversal signals near $180 to anticipate a shift in momentum.
Advanced Micro Devices Inc. (AMD) US Stock 1H Chart Analysis
AMD Elliott Wave Technical Overview
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave (V) of {v}
Direction: Potential Top in Wave (v)
Details: Conservative wave count indicates wave {v} of 1 is reaching final stages.
The hourly chart offers a detailed view of AMD’s shorter-term Elliott Wave formation. The stock is in the last leg of wave (V) within {v} of 1, suggesting that a near-term top could be forming soon.
This conservative count implies that once this last move concludes, wave 2 correction might begin. As the price closes in on the $180 resistance zone, traders should remain alert to any reversal signals, which could offer early insight into the start of a broader corrective phase.
Technical Analyst: Alessio Barretta
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