AMD Resuming Higher After Ending The Flat Correction

In this technical article, we are going to take a look at the past performance of 1 hour Elliott Wave Charts of Advanced Micro Devices (AMD), in which, the rally from the 2nd of November 2020 lows, showed the higher high sequence in an impulse structure. Also, the right side tag pointed higher & favored more strength. Therefore, we advised our members to buy the dips in AMD in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

AMD 1 Hour Elliott Wave Chart

(Click on image to enlarge)

AMD Resuming Higher After Ending Flat Correction

Above is the 1 hour Elliott Wave chart of AMD from the 12/10/2020 Pre-Market update. In which, the rally from 11/11/2020 low unfolded as an impulse sequence & ended wave 3 at $96.37 high. Down from there, the stock made a 3 swings pullback to correct that cycle in wave 4. The internals of that pullback unfolded as Elliott wave flat structure where wave ((a)) ended at $90.63 low. Wave ((b)) bounce ended at $95.75 high. Below from there, wave ((c)) unfolded as 5 wave structure & managed to reach the 100%-161.8% Fibonacci extension area of ((a))-((b)) at $90.12-$86.60 blue box area. From where buyers were expected to appear looking for more upside or for a 3 wave bounce at least.

AMD 1 Hour Elliott Wave Chart

(Click on image to enlarge)

AMD Resuming Higher After Ending Flat Correction

Here’s the latest 1 hour Elliott Wave Chart of AMD from 12/16/2020 Post-Market update. Showing a strong reaction higher from the blue box area. Allowed longs to get into a risk-free position shortly after the long positions at $90.12-$86.60 blue box area.

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