The whole market has advanced in what looks like an impulse off the lows in 2022. One of the essential concepts in the Elliott Wave Theory is that a new trend always comes in fives. However, five waves can also be part of a C wave of a FLAT. We explained the possibility in the following article. In the article, we explained why many Indices can set a trap. We need to be aware and always look for indications before the market trap us. Here is how a FLAT looks like in the Elliott Wave Theory. We show both the Bearish and Bullish Flats. As we can see, the Five waves in C tend to trap the traders.
Elliott Wave Flat Structure
Micron Technology is part of the Market, so we pay attention to the wave structure. We have noticed how the Grand Super Cycle is very bullish. The super cycle degree can go either way. It can either be completed or still need another leg lower. $MU’s reaction off the lows from September 2022 has been very weak so far. Consequently, it is at risk of breaking the lows and opening another leg lower.
Quarterly Micron Technology Elliott Wave Chart
Weekly Micron Technology Elliott Wave Chart
The charts above show both Grand Super Cycle and Super Cycle possible paths.
Source: https://elliottwave-forecast.com/video-blog/micron-technology-inc-mu-key-forecast-indices-weakness/