9/9/2018 - Elliott Wave Patterns for Advanced Micro Devices (AMD)

Elliott Wave Patterns for Advanced Micro Devices (AMD)

A Trendy Stock Charts member request came through for Advanced Micro Devices. Specifically, the request was to analyze both the shorter-term and longer-term Elliott Wave patterns for Advanced Micro Devices (AMD).

I will first look at the longer-term possibility.

AMD - Long-Term Elliott Wave Patterns

This first chart for AMD is a 5 year weekly candlestick chart. I will use this chart to analyze longer-term Elliott Wave patterns for Advanced Micro Devices (AMD).

I placed 3 different Fibonacci Extension Tools on the weekly chart to help calculate price targets and analyze the uptrend in progress. From a longer-term perspective, Wave 3 that is in progress has only been in progress for 5 months so far. Wave 1 took 2 years to develop.

Analyzing Long-Term Elliott Wave Patterns for Advanced Micro Devices (AMD)

I feel there is a great chance that Wave 3 is going to develop into …...

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I continue discussing the probable price targets and objectives for its share price both in the short and longer-term.

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sparky

September 9, 2018 at 9:27 PM

Thanks Bass, excellent analysis as usual.

Limit5Bass
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September 12, 2018 at 12:41 PM

With today’s new high, it means that short-term there is an extended wave developing that I did not account for in the illustration. Wave 1 of the larger Wave 3 is not yet complete.

September 13, 2018 at 8:24 PM

So did wave 1 finish today with the high volume reversal from $34?
This thing blew right through the long term downtrend line and a bunch of the fibs on the way up the last couple of days without hesitation. So does this price action move up some pullback targets if it does continue to pullback, and does it raise any upside targets as well? I saw a technician showing a chart of it on Fast Money tonight showing a path to $86

Limit5Bass
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September 14, 2018 at 3:09 PM

I’ll take a closer look at the short term charts this weekend Sparky. Most times it’s wave 3 that has an expanded wave, but maybe it’s wave one of wave 3 .that will be the expanded wave this time. That wave expansion will help push it through the resistance immediately and let it consolidate above. Expanded waves can happen in 1, 3 or 5, just most times it happens in wave 3

Limit5Bass

Author

November 4, 2018 at 11:18 PM

As a follow-up, AMD has confirmed that it is not developing a Bullish Impulse wave pattern of a larger degree. AMD’s share price broke through what should have ben support around $24. Now, the $24 will be a sell area on the current rebound.