Advanced Micro Devices Inc. (AMD) Elliott Wave technical analysis [Video]
|AMD Elliott Wave Analysis Trading Lounge
Advanced Micro Devices Inc., (AMD) Daily Chart
AMD Elliott Wave technical analysis
Function: Counter Trend
Mode: Corrective
Structure: Complex
Position: Wave c of (y) of {iv}.
Direction: Downside into wave c.
Details: Looking for continuation lower into wave c as we found resistance on top of TradingLevel2 at 200$ and we are now back at 120$ where we could be facing some support as we continue lower.
AMD Elliott Wave technical analysis – Daily chart
The daily chart suggests that AMD is in a corrective structure as part of wave {iv}, specifically in wave c of a complex correction (y). After hitting resistance at TradingLevel2 near $200, the stock has fallen back to $120, where support may emerge. However, further downside is expected before this correction completes. Wave c of (y) could extend lower before we see a potential reversal.
AMD Elliott Wave technical analysis
Function: Counter Trend.
Mode: Corrective.
Structure: Complex.
Position: Wave (3) of micro 3.
Direction: Downside in wave 3.
Details: Looking for continuation lower in what could be supermicro wave (3) of micro 3. This is an alternate subdivision of what could be happening inside wave c.
AMD Elliott Wave technical analysis – One-hour chart
On the 1-hour chart, AMD appears to be in the middle of wave (3) of micro wave 3, which is part of the larger wave cstructure. This could suggest another leg lower as the correction continues to unfold. The current wave count implies an internal subdivision, potentially indicating more downward movement in supermicro wave (3) of micro 3. Further downside pressure is likely in the short term as the correction progresses.
This Elliott Wave analysis of Analog Devices Inc., (ADI) outlines both the daily and 1-hour chart structures, highlighting the current trends and possible future price movements.
Advanced Micro Devices Inc. (AMD) Elliott Wave technical analysis [Video]
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.