AMD: After a huge move from $9 to $35, AMD is poised for a rest.
Typically wave 2 retraces Fib 50% of wave 1 move but because of the strength shown in wave 1, I have included the possibility of a Fib 23.6 and 38.2 as well. The MACD has already turned. A double top was also printed when it failed to break the last high.
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Sorry wrong chart of NQ1
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I prefer another leg down to complete wave 4 with a double bottom. Hopefully this will provide another opportunity to get in
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AMD: There is a lot of interest in AMD and I have to provide the EW perspective on what is happening. Wave 4 is currently in progress and coincides with a market wide correction. There is a lot of debate whether wave 4 correction is over. From an EW's perspective, we start with what is typical which would be a Fib 38.2% correction of wave 3's run . Then we should also calculate the length of sub (v) of C as well as the presence of any gaps. The Most typical Wave A = Wave C was surpassed early on. It looks like the Fib 38.2 level coincides with the Sub (v) = 1.0 Sub (i) level and also coincides with the level of Sub (iii) a position that can be called a double bottom. This is therefore my preferred count. I have also presented two alternate counts at Fib 50% and lower because of those nasty gaps below. My philosophy is OWAAT (One Wave at a time)
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MACD hasn't shown signs of turning yet. Maybe a gap fill below and S2 holding
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It turns out that this was the correct count in the first place. Fib 50% takes it down to $17++ which is about where it will end up today after that epic ER fail yesterday.
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This was the preferred count all along. You can see from the first chart that Wave (II) target was $18, $21, or $26
