AMD Still Bullish Despite 20% Pullback

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Hey all, as you know, about 3 months ago we launched the Elliott Wave US Single Stocks beta version, which is absolutely free for everyone until further notice. Sometimes in our Monday webinars I also update a few of these single stocks covered in free service, and yesterday I looked at AMD, highlighting an interesting pullback happening away from the August highs. So far the stock is down nearly 20%, which is quite a notable retracement, but I believe it’s just a temporary pause within the ongoing uptrend, as we are nowhere near the top yet. Keep in mind that there was a three-wave drop from the March 2024 high, so the pullback must be fully retraced. If I’m not mistaken, the stock is now approaching an interesting support zone for a fourth-wave correction around 130–145. This whole area looks attractive for a potential new rebound into the fifth wave, which could even take us closer to the 2024 highs.