Hey all, as you know, about 3 months ago we launched the Elliott Wave US Single Stocks beta version, which is absolutely free for everyone until further notice.
Sometimes in our Monday webinars I also update a few of these single stocks covered in free service. And yesterday I looked at Advanced Micro Devices (NASDAQ: AMD), highlighting an interesting pullback happening away from the August highs.
So far AMD’s stock price is down nearly 20%, which is quite a notable retracement. That said, I believe it is just a temporary pause within the ongoing uptrend, as we are nowhere near the top yet.
Keep in mind that there was a three-wave drop from the March 2024 high, so the pullback must be fully retraced.
If I’m not mistaken, the stock is now approaching an interesting support zone for a fourth-wave correction around 130–145. This whole area looks attractive for a potential new rebound into the fifth wave, which could even take us closer to the 2024 highs.
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Twitter: @GregaHorvatFX
The author may have a position in the mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
