Advanced Micro Devices, Inc. ($AMD) Found Buyers at the Blue Box Area as Expected

Hello everyone. In today’s article, we will look at the past performance of the 1H Hour Elliott Wave chart of Advanced Micro Devices, Inc. ($AMD). The rally from 1.11.2024 low at $143.77 unfolded as 5 waves impulse. So, we expected the pullback to unfold in 3 swings and find buyers again. We will explain the structure & forecast below:

Zigzag (ABC) Corrective Structure

$AMD 1H Elliott Wave Chart 1.26.2024:

Here is the 1H Elliott Wave count from 1.26.2024. We expected the pullback to find buyers at the blue box area at 173.52 – 168.98 in a 3 swing structure (ABC).

$AMD 1H Elliott Wave Chart 1.28.2024:

Here is the 1H update 2 days later from 1.28.2024 showing the bounce taking place as expected. The stock reacted higher from the blue box after doing a Zigzag correction allowing longs to get a risk free position.