$AMD May Face Risk Here

My last call on $AMD was here, and that worked out well. I cannot guarantee that this present move is complete, but there is a 5-wave pattern complete (specifically the minor [green] count we’re in now) and it is extended. Now all of this may be a subdivision, but for the time being I would like to express caution. We may retrace to the target box below.

AMD


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$AMD Inverse and Target

$AMD is developing an inverse head and shoulders. I have noted the target:

AMD

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Note: When articles are first posted, most of them are made available only to my Patreon supporters (I do try to publish some public posts on occasion). Over time (usually after a period of a few months), I make all of the work public. To gain access to my work when it is produced, please consider becoming a patron. More information may be found on my About page and on my Patreon page. In a nutshell, Tier 1 members ($20/mo.) get access to the articles, Tier 2 members ($35/mo.) get access to those, plus counts on about 20 other instruments, plus Discord server access.


Two Counts for $AMD, Both Lead in the Same Direction

I have two counts for $AMD. Previously, I was only considering the more bullish of the two because of the nature of the rally to the August high. However, I am going to add a second count now because of the nature of the correction since that high.

  1. The first count is a large triple nest of ones and twos, intermediate (orange), then minor (green), then minute (blue).
  2. The second is just the orange count (ignore the green and blue ones and twos). On that count we’re wrapping up a 4th wave.

The advantage of the first count was that I would have expected $AMD to rally for a long time (months) after having spent almost five months consolidating from December onwards. That is still absolutely on the table here. If that period was a reaccumulation, I would expect a very large and long-winded markup phase taking it to much higher prices. This remains my preferred count.

The advantage of the second count is that it’s more conservative and the whole “size” of the recent price action is getting “big” for a nest of ones and twos. We would sort of expect each nest to get a little “smaller” because they are of a lower degree, but this last arc is sort of huge for a minute (blue) wave 2.

The good news: in either case, we basically have the exact same “next target.” If it’s all ones and twos, the first three coming should get us to the orange box. And if we’re wrapping up a big 4, the 5 should take out the last high, which happens to be at the top of the orange box.

So in this case, we’re lucky: we can aim for that box with some reasonable confidence.

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Note: When articles are first posted, most of them are made available only to my Patreon supporters (I do try to publish some public posts on occasion). Over time (usually after a period of a few months), I make all of the work public. To gain access to my work when it is produced, please consider becoming a patron. More information may be found on my About page and on my Patreon page. In a nutshell, Tier 1 members ($20/mo.) get access to the articles, Tier 2 members ($35/mo.) get access to those, plus counts on about 20 other instruments, plus Discord server access.