Zig-Zag ABC correction
$AMD 1H Elliott Wave Chart 12.23.2024:
In the 1-hour Elliott Wave count from December 23, 2024, we see that $AMD completed a 5-wave impulsive cycle beginning on December 05, 2024, and ending on December 20, 2024, at the black ((iii)). As expected, this initial wave prompted a bounce. We anticipated this bounce to find sellers after unfolding in 3 swings.
This setup aligns with a typical Elliott Wave correction pattern (ABC), where the market pauses briefly before resuming the main trend.
$AMD 1H Elliott Wave Chart 12.30.2024:
The most recent update, from December 30, 2024, shows that $AMD reacted as predicted. After the bounce from the recent low, the stock found sellers after 3 swings up, leading to a decline.
What’s Next for $AMD?
With the current decline, $AMD sellers are in control. Based on the Elliott Wave structure, we expect the stock to continue its downward trajectory, targeting the $113 – $108 range before another potential bounce. Therefore, it is essential to keep monitoring this zone as we approach it.
Conclusion
In conclusion, our Elliott Wave analysis of Advanced Micro Devices, Inc $AMD suggests that it should remain weak in the short term. Therefore, sellers should monitor the $113 – $108 zone as the next target, keeping an eye out for any corrective bounces. By using Elliott Wave Theory, we can identify potential selling areas and enhance risk management in volatile markets.
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