AMD 1D Elliot Wave, Equal Legs
Clearly, this chart has a lot going on. Technical analysis using Elliot wave projection + bull flag + equal legs. New to using fib circle but I gave it a shot here because I like the reactions. AMD completed an ABC from September to October. A new impulse seems to be in play.
Equal legs target rationale: AMD went on a 6 month run from March to September ($36-$93). Then price pulled back holding the .382 from the initial run up, forming a bull flag with declining volume. Equal legs target= $131 in 6-7 months if price remains above $73.
Elliot wave rationale: We have a completed ABC flat correction from September to November. Breaking out of the downtrend with higher lows. Held .382 from the initial run up in March. Possible wave 2 in near the .764 fib retracement. Invalidated if $73 doesn’t hold.
Targets are in green.
Equal legs target rationale: AMD went on a 6 month run from March to September ($36-$93). Then price pulled back holding the .382 from the initial run up, forming a bull flag with declining volume. Equal legs target= $131 in 6-7 months if price remains above $73.
Elliot wave rationale: We have a completed ABC flat correction from September to November. Breaking out of the downtrend with higher lows. Held .382 from the initial run up in March. Possible wave 2 in near the .764 fib retracement. Invalidated if $73 doesn’t hold.
Targets are in green.
Note
In hindsight, I would have used the equal legs from June to September. I wonder if the longer projection is still possible. Equal legs from June to September would be around $119.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.