Xilinx (NASDAQ: XLNX) is an American technology company that is primarily a supplier of programmable logic devices. It designs, develops and markets complete programmable logic solutions, including advanced integrated circuits, software design tools, predefined system functions, customer training, field engineering and technical support.
Since the dot com crash, XLNX struggled to recover and it only managed to make new all time highs after 19 years. The stock surged 70% higher this year into the monthly target area $112 – $173 from where investors took profits triggering a correction lower erasing almost all the gains for this year.
The decline from April 2019 peak is unfolding as 7 swings structure forming the corrective Elliott Wave structure “Double Three” which can still aim for equal legs area $88.91 – $78.51 from where the stock can resume the rally within the main trend and aim for new all time highs. The blue box presented in next chart is a High-frequency area where the Market is likely to end cycles and make a turn. Therefore, XLNX will be looking to find support around that extreme area for 3 waves bounce at least.