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.

I feel there is a great chance that Wave 3 is going to develop into [s2If !current_user_can(access_s2member_level1)]……

If you want to continue reading this article which analyzes shorter and longer-term Elliott Wave patterns for Advanced Micro Devices (AMD), you must first login.

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

If you are not a Trendy Stock Charts member, consider joining today! There are several different subscription plans available.[/s2If][s2If current_user_can(access_s2member_level1)]an Extended Bullish Impulse wave pattern. An Extended Bullish Impulse wave pattern is simply a Bullish Impulse wave pattern contained within another Bullish Impulse wave pattern.

The speed in which AMD reached its longer-term Golden Ratio, or its 161.8% Target Line from the black Fibonacci Extension Tool, is the main reason I think that AMD is developing into an Extended Bullish Impulse Wave Pattern for its Wave 3.

AMD – Wave 3 Development

For the potential Wave 3 development, I step back and look at a 20 year monthly candlestick chart for AMD. This helps to show some extremely long-term overhead resistance areas. These longer-term resistance areas area probable areas where AMD will consolidate its uptrend during the development of its Extended Bullish Impulse wave pattern.

It makes perfect sense to me that a Wave 3 within a Wave 3 is what is needed to break through the long-term overhead resistance trendline. A Wave 3 of a Wave 3 should provide another series of quick, powerful advances for the share price. A Wave 3 of a Wave 3 sounds like that is exactly what is needed to break through its long-term overhead resistance trendline. This long-term MACD Histogram reflects increasing buying momentum, which if in the early stages, seems to confirm the possibility of AMD’s Extended Bullish Impulse Wave Pattern.

Based on this potential, any pullbacks in the next month or two could provide for some nice appreciation over the next 1.5 years. There is strong long-term support around the $24 price level. I will analyze AMD’s daily candlestick chart for a more specific support range.

AMD – Short-Term Elliott Wave Patterns

This next chart is a 1 year daily candlestick chart. I analyze shorter-term Elliott Wave patterns for Advanced Micro Devices (AMD) on this chart. Specifically, I am looking to see if Wave 1 of Wave 3 is complete and the immediate support areas below the current price.

The support area for the current Elliott wave pattern is the $24 price level. Purchases to go long should be made at around this support area. The pullback for the blue Wave 4 should be around the same pullback area for the black Wave 4.

The $24 support area also coincides with the longer-term support area around the same price.

AMD – Point & Figure

Just out of curiosity, let’s see what price targets the P&F Charts show right now for AMD.

High/Low P&F Chart – $31.50 Bullish Price Objective

Closing P&F Chart – $30.50 Bullish Price Objective

These bullish price objectives could represent the price targets for Wave 1 of the larger Wave 3.

Elliott Wave Patterns for Advanced Micro Devices (AMD) Summary

The current Elliott Wave patterns for Advanced Micro Devices (AMD) show potential to reach its $48.50 high from June 2000. It appears that this price level should be reached by July 202o. That makes AMD a candidate for a double in a year and a half if you purchase shares around the $24 price level.

Once AMD breaks through its overhead resistance trendline, it should not go back below it if it truly is developing an Extended Bullish Impulse Wave Pattern. That is your check when monitoring any purchases made at the $24 price level – make sure AMD’s share price does not fall back below the resistance trendline once it breaks above it. That will be the tell if an Extended Bullish Impulse wave pattern is under development.

Good luck trading and ask for updates along the way!

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