Elliott Wave View: AMD Looking for Further Upside

Advanced Micro Devices (NASDAQ: AMD) continues to extend to all-time high and the structure remains incomplete to the upside. Since it formed a low on May 14, 2021, it has rallied higher to a new all-time high and so far the rally looks to be only in 3 waves. Up from May 14 low, wave ((1)) ended at 95.41 and pullback in wave ((2)) ended at 84.24. Wave ((3)) is now in progress with an internal subdivision as a 5 waves impulse structure in lower degree.

Up from wave ((2)) low on July 19, wave (1) ended at 94.10 and pullback in wave (2) ended at 88.61. The stock has rallied higher in wave (3) in another 5 waves in lesser degree. Wave 1 of (3) ended at 93.96 and wave 2 of (3) ended at 89.65. Stock then resumes higher in wave 3 of (3) towards 110.33. Expect wave 4 of (3) pullback to correct cycle from July 28 low before the stock resumes higher in wave 5 of (3). Near term, as far as July 28 pivot at 88.61 remains intact, expect dips to find support in 3, 7, or 11 swing for further upside.