Elliott Wave Technical Analysis: Lam Research Corp. - Friday, Aug. 18

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Lam Research Corp., Elliott Wave Technical Analysis

Lam Research Corp., (Nasdaq: LRCX): Daily Chart, 18 August 2023

LRCX Stock Market Analysis: Looking for further downside into wave {iv}, to find support on the base Elliott channel. Invalidation level stands at 504$.  

LRCX Elliott Wave Count: Wave (a) of {iv}.

LRCX Technical Indicators: Below 20EMA.

LRCX Trading Strategy: Looking for additional downside before considering longs. We could also be looking for shorts once we complete wave (b).

Analyst: Alessio Barretta

Lam Research Corp., LRCX: 4-hour Chart, 18 August 2023

Lam Research Corp., Elliott Wave Technical Analysis
LRCX Stock Market Analysis: It looks like we are unfolding into a five wave move in wave (a). Looking for support between 630$ and 600$ to then bounce into wave (b).

LRCX Elliott Wave count:  Wave iii of (a).

LRCX Technical Indicators: Below 20EMA.

LRCX Trading Strategy: Looking for short term trades to the downside.

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