AMD chart appears to be completing an ending diagonal in wave C. In this scenario, it will be a buy when it breaks the upper trend line connecting waves 2 and 4. Wave 5 target should be no less than 72. If price action breaks 70, then the count will be invalidated; which means, a new impulse wave to the downside may begin.
Kommentera:
Another scenario is that wave C has completed, and we are currently seeing the minute wave in progress, and a completion of the intermediate wave 5 to follow soon after with a target near 100.
Kommentera:
Regardless, I am short term bullish as there appears to be a textbook 5 wave pattern that has yet to complete. Wave 5's are usually the shortest, and least aggressive of all waves. At this point, I am assuming wave 5 will end before earnings, which possibly foreshadows a poor report. GL.
Kommentera:
I currently have a long limit order ready at 78 with a target of 96+.
Kommentera:
Estimate in price action and time.
Kommentera:
Possible target for minor wave 2 of intermediate wave 5 approx. 79-80.
Kommentera:
At this point, my current assumption is that AMD is still in a minor wave 2. The downtrend will probably continue into Monday. Invalidation of the wave count will occur if price drops below 73.90, or greater than a 100% retracement of wave 1. Although I was expecting a completion of the wave count prior to earnings, wave 2 into earnings forecasts it being successful and a positive factor for price action. This will propel price into a minor wave 3, where most of the meaningful gains take place.