Incoming 70% correction to $40 for AMD?

Updated
On the above 7 week chart price action has rallied 10,000% since 2016. Cathie Wood is now a buyer. Should we be concerned?

Yahoo finance - August
“Cathie Wood-Led Ark Invest Buys 47.5M Of AMD Shares”
source:tinyurl.com/zc3cah5p

Motley Fool - September
“AMD is more stable financially and boasts a more established role in artificial intelligence than Intel. Alongside recent growth in its data centre division, AMD's stock is too good to pass up.”
source: tinyurl.com/3dvmjnp3


Madness.


Why bearish?
Failed trend support. It is very clear to see, price action has broken through support.

Rising wedge breakout. The trend support breakout confirmed the rising wedge direction. Yes price action could rally all the way to 190 in the next 1 or 2 candles but that would not invalidate the wedge. The rules of a rising wedge allow us to forecast the correction magnitude, 70% to the $40 area.

The best for last.

** Double top bearish divergence with Gravestone DOJI **

Not since 2016 has this many oscillators printed negatively with price action. Both instances measured with the same specifications. This higher high in price action with a lower low in RSI (among others) following a Gravestone DOJI print…. Go Cathie.

A clearer picture of the Gravestone DOJI is shown below.

Is it possible price action continues to rise? Sure.
Is it probable? No.

Ww


7 week Gravestone DOJI
snapshot
Trade active
The breakout has printed with the wedge on the main chart confirming resistance.

A clearer chart below on a lower time frame, 3 week, has the bear flag with $60 forecast.

This is the start of a multi year downtrend towards lower lows.

snapshot
Chart PatternsMultiple Time Frame AnalysisSupport and Resistance

BTC
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