Looking for a short term bounce into the small green box at the .382 fib. Price is currently in the demand zone .50-.618 fib level. Price can consolidate in this box before moving higher.
Correction possibly complete, possible 1,2 1,2 in play. Could also be looking at a completed A,B, and coming down for C. Cut loss under $11.80, more conservative cut-loss under $13.80. White lines are equal legs targets. Targets in green.
Elliot wave, currently in a wave 3 within a wave 5 of a primary 3 count. Once primary wave 3 is complete, looking for a wave 4 range $220-260 before moving higher to equal leg of primary wave 1 around $360. I’m experimenting with the trend based fib time tool with the expectation that wave 4 may end between late March to May 2021.
ZM analysis using equal legs, fib levels, and trend-based fib time tool. 1.618 is the equal legs target of August 11th low and October 19th high, then a corrective move from the high to November 10th low. 1.618 target for late January. Invalidated on a break of 366. Long price targets in green.
Experimenting with the fib time tool..
Clearly, this chart has a lot going on. Technical analysis using Elliot wave projection + bull flag + equal legs. New to using fib circle but I gave it a shot here because I like the reactions. AMD completed an ABC from September to October. A new impulse seems to be in play.
Equal legs target rationale: AMD went on a 6 month run from March to September...
Possible 1,2 complete. Wave 2 holding .618 above $210. Equal legs target $238 possible within 3-4 weeks conservatively. Target of $256 for wave 3 1.618 extension. Targets invalidated on a break of $210
Just an idea. Thinking AMD can bounce here or complete a wave C at around .50 of first 5 wave, or C could complete at 1.236 of wave A. Looking at 71 -72 potential bounce. Downtrend pitchfork at 3 high, 4 low, 5 high.
