Technical Analysis for AMD
$Advanced Micro Devices(AMD)$
It broke its super uptrend and is now in a downtrend.
The latter thesis is based on the fact that if it's just an Elliott wave 4 correction - it's way too long: assuming uptrend wave 1 was 80 and wave 3 was 134, it has now retraced to a local low of 141, which is too much, surely more than fibo 0.5 of wave 1, wave 3, hence - downtrend, not just a correction
Anyway, it is trading in a downward regression channel and every time it attempts to rise, it falls notably with an engulfing red candle, or three red candles, or gaps down like on a post Q1 earnings day.
I think there is a demand zone highlighted in green. After earnings it gapped down, I traded long 145 -> sold 154 and now would consider to wait when it falls again to the bottom of the regression channel, or to the green demand zone to open a new long.[Grin][Grin][Grin]
More broadly on a monthly chart it suggest the mega correction to end in the area of fibo .5 i.e. at 140, or fibo .62 at 125...
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