In this technical blog, we will look at the past performance of 1-hour Elliott Wave Charts of AMD. We presented to members at the elliottwave-forecast. In which, the rally from the 06 January 2023 low unfolded as an impulse structure. And showed a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the stock & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
AMD 1-Hour Elliott Wave Chart January 29, 2023
Here’s the 1hr Elliott wave chart from the 1/29/2023 Weekend update. In which, the short-term cycle from the 1/19/2023 low ended in wave ((i)) as an impulse structure at $77.12 high. Down from there, the stock made a pullback in wave ((ii)) to correct that cycle. The internals of that pullback unfolded as Elliott wave double three structure where wave (w) at $72.09 low. Wave (x) ended at $77.08 high and wave (y) managed to reach the blue box area at $71.96- $68.81 area. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.
AMD 1-Hour Elliott Wave Chart February 2, 2023
This is the 1hr Elliott wave Chart from the 02/02/2023 Pre-market update. We can see the stock is showing a strong reaction higher right after ending the double correction within the blue box area. This allowed members to create a risk-free position shortly after taking the long position at the blue box area. It already made a new high above black ((i)) peak and exceeded 100% fib extension of wave ((i))-((ii)) at 81.07 and next level of interest would be 161.8% fib extension of wave ((i))-((ii)) at 87.24 which is a usual target for wave ((iii)) after which we can expect a pull back in wave ((iv)) before it turns higher again in wave ((v)).
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