AMD completed a 5 wave impulse pattern, and seems to be doing a 2nd wave from a 3 wave corrective pattern on the daily chart. Wave 3 looks like it may bottom around $120. Additionally, if AMD continues further it would have completed a Decreasing Head and Shoulders, suggesting around $120 being the bottom as well. Furthermore, the RSI on the daily has weakened, and the weekly trend is that of a 5 wave motive, lining up with the market melt up theory that I have. A fibonacci analysis of that 5 wave lines up almost perfectly, suggesting we are in a 4th wave with a bottom of around $120. It's hard to determine the top for AMD, however $200 seems to be within it's range by mid next year.
Comment:
Fail