AMD is quite a mixedup genius lately and right now preparing for another leg down.
- SPY / QQQ and broader market is currently setting up for an atleast smaller correction. A bigger correction is possible (the case if brexit discussion leads to more confusion etc etc.) - If correction would come to the whole market AMD is a great tool to short downwards since it has seen a big positive corrective move lately.
- Chart is 15min. So this is really only a day trade to swing trade but expandable with pulling the SL properly to the downside. Be aware though that AMD is really volatile. - Drawings in the chart really just copied from left to right - Target zone for short in the chart / We are just right now within the projected target zone! - Always have a SL with AMD ;-)
* updated chart. First one was mixed up with 3 other charts.
GL
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I skipped the longterm analysis since it was a just in time call. But keep in mind that AMD has the history of playing out head & shoulders patterns frequently. Look at this weekly chart from AMD:
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Also check the monthly chart for more perspective... IF IF Spy is up for a bigger correction AMD is up for a move down to sub 10 levels. As you can see in the monthly AMD has this frequent pattern of huge corrective moves in the past. "Corrective" - A chart that has been correcting from similar levels twice for more than 95%...
To me it looks like that the Time from Sept - November was just the first leg of a much larger correction to the downside.
10 minutes later: