Those of you that follow my AMD posts, you know that price came into my 1.382 target area @ $95.16 almost two weeks ago. Since then, I have been stating that I would prefer to see another low down to the $85-$87 area, but it is not required for the pattern to be complete. This move off of the 11 March bottom looks like a sloppy 5-wave move. If you know me, you know I instantly start to think of a corrective pattern as impulsive waves are normally decisive and leave little to the imagination.
That being said, a corrective pattern could be pointing to the initial a wave of intermediate (B), or it could be the last wave 4 of c of C of (A). Wave (B) would be pointing to the $160-$190 area, whereas the latter would be pointing to another drop in the $85-$87 range. MACD looks like it needs to drop and RSI shows AMD is overbought. These technicals point lower, but you should be asking yourself: how low? I still plan on buying in if price can make it down to the 1.618. If it doesn't make it to this area, I will remain on the sidelines until I can get a better entry point. Hopefully we can get some more clarity this week.
That being said, a corrective pattern could be pointing to the initial a wave of intermediate (B), or it could be the last wave 4 of c of C of (A). Wave (B) would be pointing to the $160-$190 area, whereas the latter would be pointing to another drop in the $85-$87 range. MACD looks like it needs to drop and RSI shows AMD is overbought. These technicals point lower, but you should be asking yourself: how low? I still plan on buying in if price can make it down to the 1.618. If it doesn't make it to this area, I will remain on the sidelines until I can get a better entry point. Hopefully we can get some more clarity this week.
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
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.
Go to ewtdaily.com for DETAILED DAILY UPDATES on 27 unique tickers and a daily zoom call with members to discuss latest analysis and get a 7-day FREE trial
Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
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.