Technical Analysis on AMD
I wanted to post on AMD today as it recently made news for challenging $NVIDIA Corp(NVDA)$ 's control over the market. Looking at the weekly chart, it appears clear to me we are coming to the end of this move up that started in July 2015. Thats over 8 years' worth of price action that is about to begin consolidation. The retrace could last as short as a couple years to a couple decades. Due to this being with-in a wave ((3)), I imagine it will be on the shorter side. This still means we will be in a corrective move downward for a couple years at minimum IMHO.
Check out how low I am predicting this thing can go. No, I don't think it will drop that low, but it is possible. Anyone who tells you different either doesn't believe EWT or doesn't understand it. I think it will drop to around $50 before it starts to rise again towards my next target that's over $1K. Do these numbers shock you? Me too, my first reaction is to say, "yea right, get real". However, I didn't make the rules, I just follow them. According to EWT, if the company continues to operate wisely, it's not a matter of if, but when.
Let's start with what is in front of us though. Right now, I am predicting price will move towards the area of the 0.786 @ $329.51. According to the structure, we just need a 5-wave move to create a new high for completion of ((1)). I haven't quite boiled down to the micros, but it appears we're in a microwave 3 of 5 to end ((1)) We're also already with-in the target box for this extended move up. Remember to look back at this when AMD starts to drop next year.
AMD: Bonus Posting
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