Advanced Micro Devices ($AMD) perfect reaction higher from blue box area

Share:

Hello Traders! In today’s article, we will look at the past performance of the 1 Hour Elliottwave chart of $AMD. The rally from 1.06.2023 low unfolded as 5 waves which created a bullish sequence in our system. Therefore, we knew that the structure in $AMD is incomplete to the upside & should see more strength in 3, 7 or 11 swings against 1.06.2023 low. So, we advised members to buy the bounces in 3, 7, or 11 swings at the blue box area. We will explain the structure & forecast below:

$AMD 1H Elliott Wave chart 2.17.2023

Here is the 1H Elliottwave count from 2.17.2023. We were calling for the decline to find buyers in 3 swings at red 2 where we like to buy it at the equal legs at $77.68 with a stop at $72.43.

$AMD latest Elliott Wave chart

Here is the 2.22.2023 1H chart showing the move taking place as expected. The stock has reacted higher from the blue box to reach the 50% back from black ((b)) allowing any shorts to get risk free shortly after taking the position. We like to remain long targeting the equal legs area at $104.