AMD

Retracement Time
- double top
- peak volume stops the upward move
- increasing volume on breakdown of support $30- volume increase on dump confirms counter trend
- steep trendline reducing to more normal uptrend-- see previous AMD idea


BUY Zone
- LOOK for 0.382 retracement and $25 psychological for potential entry on bounce-- stop buy under $25--- ex:$24.80
-- 0.50 retracement does not form a confluence zone with support/resistance
-- 0.618 retracement would be too deep of retracement for this strong uptrend


Elliot Wave
- expect EW complex correction
- simple and complex EW corrections typically alternate


Long Term Target $55
-1.618 Fib off the 2nd price cycle

Trade active

Comment:

My tracking- played successful bounce at $25, then greedily added to winning position right as price action turned south. Lost all profit. Break even- unfornately only value is educational at this point.


next stop is $20- such as obvious Support zone mamny traders will look to act on it. ABC correction.


X-factor- earnings report on 24th.