Short term Elliott Wave view on AMD suggests the decline from 8.5.2022 high is unfolding as a zigzag Elliott Wave structure. Down from 8.5.2022 high, wave 1 ended at 90.9 and rally in wave 2 ended at 97.60. The stock resumes lower in wave 3 towards 78.52 and rally in wave 4 ended at 83.80. Stock resumes the final leg lower in wave 5 towards 77.74 which ended wave (A).
Wave (B) rally ended at 86.05 with internal subdivision as a zigzag. Up from wave (A), wave A ended at 80.80, wave B ended at 79.24, and wave C ended at 86.06. The stock has turned lower in wave (C) with internal subdivision as a 5 waves impulse.
Down from wave (B), wave ((i)) ended at 83.46 and rally in wave ((ii)) ended at 85.45. Stock resumes lower in wave ((iii)) towards 76.80 and wave ((iv)) ended at 77.37. Final leg lower wave ((v)) ended at 75.87 which completed wave 1 of (C). Wave 2 rally is in progress to correct cycle from 9.12.2022 peak towards 78.67 – 80.03 where sellers can appear for 3 waves pullback at least. As far as pivot at 86.06 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.
