AMD - ALTERNATE Bear Case - Confluence at $95Warning - before you come attacking me full force - this is an alternate bearish scenario for AMD - not my primary scenario, but I noticed a few things that I must point out.
1. 2 5-wave structures - Between Oct 2022 and Mar 2024 we completed 2 structures that can be counted in 5 waves, but the resulting pullback from Mar 2024 to Aug 2024 came back a bit deeper than I would have expected for an impulsive move. This is suspect.
2. ABC Corrections - a 3 wave correction can be seen all over the place but what I want to point out is the structure I outlined in point 1 above can be seen as impulsive. The pullback off the first 5-wave structure only retraced 38.2% - which is fine - but - that only works in a very bullish market - which we were in - but where's the follow through? After Mar 2024, there was a severe lack of follow through.
3. From Mar 2024 - we see a clear 3-wave correction - but now that we have the monster ABC correction outlined in point 2 above, measuring it puts the 61.8% internal retracement fib (the golden zone between 61.8-65%) at $95 AND if you measure the correction from Mar to Aug 2024 and project it from the pullback in early Oct 2024, you get a 100% extension target at.... $95 - coincidence? Well, that also happens to be the bottom of the Oct 2023 correction as well.
TL/DR? I'd be a heavy buyer at $95 if we get there.
