Advanced Micro Devices ($AMD) Perfect Reaction Higher from Blue Box Area.

Hello Traders! In today’s article, we will look at the past performance of the 1 Hour Elliottwave chart of $AMD. The rally from 1.06.2023 low unfolded as 5 waves which created a bullish sequence in our system. Therefore, we knew that the structure in $AMD is incomplete to the upside & should see more strength in 3, 7 or 11 swings against 1.06.2023 low. So, we advised members to buy the bounces in 3, 7, or 11 swings at the blue box area. We will explain the structure & forecast below:

$AMD 1H Elliottwave Chart 2.17.2023:


Here is the 1H Elliottwave count from 2.17.2023. We were calling for the decline to find buyers in 3 swings at red 2 where we like to buy it at the equal legs at $77.68 with a stop at $72.43.

$AMD Latest Elliottwave Chart:


Here is the 2.22.2023 1H chart showing the move taking place as expected. The stock has reacted higher from the blue box to reach the 50% back from black ((b)) allowing any shorts to get risk free shortly after taking the position. We like to remain long targeting the equal legs area at $104.