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Elliott Wave View: More upside in Advance Micro Devices (AMD)

AMD 30 minutes chart below shows that the stock has ended the cycle from July 14 low as wave (3). The rally ended at 87.29 high. The subdivision unfolded as a 5 waves impulse Elliott Wave Structure. From July 14 low, wave 1 ended at 62.68 high and the pullback in wave 2 ended at 58.63 low. Afterwards, the stock resumed higher in wave 3, which ended at 77.19 high. Wave 4 dips then ended at 67.61 low. The final push higher in wave 5 ended at 87.29 high. This ended wave (3) in larger degree.

Afterwards, the stock did a pullback in wave (4), which unfolded as zig-zag Elliott Wave Structure. Down from wave (3), wave A ended at 82.67 low. The bounce in wave B ended at 85.80 high. Wave C then ended at 79.32, which is within blue box area. From there, the stock has bounced higher and ended wave ((i)) at 83 high. Currently, wave ((ii)) is in progress. As long as 79.32 low stays intact, the dips in 3,7 or 11 swings is expected to find support for more upside. However, the stock still needs to break above wave (3) high to confirm that next leg higher in wave (5) has started. Otherwise, the stock can still do a double correction in wave (4).

AMD 30 Minutes Elliott Wave Chart

AMD Elliott Wave Video

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