First, lets take a look at the last update to see how well its playing out.
Welp, it looks like a strong start to the next move higher to complete minor wave 5. Price just made a successful 5 wave move higher to complete a possible circle wave i after showing positive divergence on the daily MACD and holding the blue support box.
Can AMD still go lower? Sure. In fact, price is expected to retrace the circle wave ii. The yellow retracement lines show circle wave ii support between at $80-$84ish. Price also needs to make another 5 wave move higher to complete wave (i) of circle wave 3 (probably around $102), then hold wave (ii) support of circle wave iii (not shown yet).
So whats the plan? It might not be a bad idea to start layering into a position from around $87 to $80.00 with a stop around $80-$76. But it is probably best to wait for the (i)-(ii) of circle iii for the highest probability trade (again, not shown yet). Although this price action deserves some respect and a close eye, caution is warranted until price holds circle wave ii support and makes a new high for wave (i) of circle wave iii.
#GoodLuck
#LongAMDBias
#NotAdvice
#NotRecommendation
#MeasuredMoves
#ReadtheWavePrincple
Welp, it looks like a strong start to the next move higher to complete minor wave 5. Price just made a successful 5 wave move higher to complete a possible circle wave i after showing positive divergence on the daily MACD and holding the blue support box.
Can AMD still go lower? Sure. In fact, price is expected to retrace the circle wave ii. The yellow retracement lines show circle wave ii support between at $80-$84ish. Price also needs to make another 5 wave move higher to complete wave (i) of circle wave 3 (probably around $102), then hold wave (ii) support of circle wave iii (not shown yet).
So whats the plan? It might not be a bad idea to start layering into a position from around $87 to $80.00 with a stop around $80-$76. But it is probably best to wait for the (i)-(ii) of circle iii for the highest probability trade (again, not shown yet). Although this price action deserves some respect and a close eye, caution is warranted until price holds circle wave ii support and makes a new high for wave (i) of circle wave iii.
#GoodLuck
#LongAMDBias
#NotAdvice
#NotRecommendation
#MeasuredMoves
#ReadtheWavePrincple
