Another good trading opportunity we have had lately is AMD stock. As our members know the stock is showing impulsive bullish sequences in the cycle from the September 99.46 low. Recently it made clear 3 waves pull back and found buyers at the blue box as we expected. In this technical blog we’re going to take a quick look at the charts of AMD Stock published in members area of the website and explain the Elliott Wave structure and trading strategy.
AMD Elliott Wave 1 Hour Chart 10.29.2021
AMD is giving us wave 4 red correction. Pull back is showing lower low sequences and looks incomplete at the moment. Another marginal push down should be seen toward 119.29-114.93 area to complete the pull back. We recommended members to avoid short selling AMD against the main bullish trend . Strategy is buying the dips at the blue box area. As the main trend is bullish, we expect to get at least 3 waves bounce against the peak, if not rally toward new highs. Once bounce reaches 50 Fibs against the ((x)) black high, we will make long position risk free ( put SL at BE). Invalidation for the trade would be break below 1.618 fibs extension: 114.93.
As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a bounce.
You can learn more about Elliott Wave Double Patterns at our Free Elliott Wave Educational Web Page.
AMD Elliott Wave 1 Hour Chart 11.01.2021
The Stock has given us leg down toward blue box as expected. Buyers appeared at the marked zone and we are getting nice reaction from there. The reaction from the blue box is solid. It reached and exceeded 50 fibs against the ((x)) black connector. As a result members who took long positions should make them risk free ( move stop loss at the entry point). As far as the price stays above current low : 118.17, we can consider (4) blue pull back done. Now, we would like to see break above (3) blue peak to confirm next leg up (5) is in progress.
AMD Elliott Wave 1 Hour Chart 11.03.2021
AMD has given us further rally and we finally got the break of previous (3) blue high. At this moment, the stock remains bullish against the 118.17 low in first degree. AMD should ideally keep finding buyers in short term dips as far as the mentioned pivot holds.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.
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