Clearly, this chart has a lot going on. Technical analysis using Elliot wave projection + bull flag + equal legs. New to using fib circle but I gave it a shot here because I like the reactions. AMD completed an ABC from September to October. A new impulse seems to be in play.
Equal legs target rationale: AMD went on a 6 month run from March to September ($36-$93). Then price pulled back holding the .382 from the initial run up, forming a bull flag with declining volume. Equal legs target= $131 in 6-7 months if price remains above $73.
Elliot wave rationale: We have a completed ABC flat correction from September to November. Breaking out of the downtrend with higher lows. Held .382 from the initial run up in March. Possible wave 2 in near the .764 fib retracement. Invalidated if $73 doesn’t hold.
Targets are in green.
Equal legs target rationale: AMD went on a 6 month run from March to September ($36-$93). Then price pulled back holding the .382 from the initial run up, forming a bull flag with declining volume. Equal legs target= $131 in 6-7 months if price remains above $73.
Elliot wave rationale: We have a completed ABC flat correction from September to November. Breaking out of the downtrend with higher lows. Held .382 from the initial run up in March. Possible wave 2 in near the .764 fib retracement. Invalidated if $73 doesn’t hold.
Targets are in green.
评论:
In hindsight, I would have used the equal legs from June to September. I wonder if the longer projection is still possible. Equal legs from June to September would be around $119.