AMD has been in a corrective ABC since early October. Recently we have been in an ABC within wave B of the larger overall ABC correction. We are finally nearing the end of Wave B and will start Wave C most likely tomorrow. Target for Wave C is about $6 USD. Watch out for AMD tomorrow in pre market or early after opening for it to hit around 23.5-23.8 USD before starting its descent down.
Now tell me...
Why are you seeing a large abc correction and not the beginning of a new wave up?
In my opinion we are seeing the beginning of the 5th wave up.
UnknownUnicorn3924495
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@nDam, Nasdaq and Dow are also in the same large ABC corrections. If you chart them from the very beginning you will see a 12345 impulse wave up, and this is the abc that follows it. This is a huge correction for the entire market.
nDam
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@HulaBalo, That "large" correction is just a wave 4 in my book, looking forward to the fifth wave before the real bear market.
We all see it differently, and I have to respect your view, I just do not agree. :)
Good luck.
UnknownUnicorn3924495
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@nDam, You could be right, we will just have to wait and see. Good luck to you as well sir.
Mika_k
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@nDam, I also see it as a large abc correction because when looking at a full correction we must factor in both depth of the correction and length of the correction. AMD has pulled back a lot, but it has been going up a lot over the past couple of years and can't completely correct in just a couple months.
UnknownUnicorn3924495
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@Mika_k, Exactly, I agree with what you said. Check out my new post as well for AMD, The Big Short. I have the fibs updated according to the new price levels amd reached.
nDam
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@Mika_k, It is interesting looking back on these posts, a great example of why TA combined with fundamental analysis IMO is way better, because high growth stock often will end up at some point looking extremely bearish solely through Elliot Wave and TA as a whole. I hope you didn't have a position on basis of your belief, and if you did, that you had a proper SL.
Why are you seeing a large abc correction and not the beginning of a new wave up?
In my opinion we are seeing the beginning of the 5th wave up.