AMD (Daily): Are we setting up for a fierce rally?

Aktualisiert
Short update for those following along. We are closing in on circle wave ii support. As previously shown in the chart below:

https://www.tradingview.com/chart/AMD/e876XnkM-AMD-Daily-A-very-short-update/

So, we have a five wave impulse into wave circle i with a three wave corrective moving dropping down in the the wave circle ii support. Can it go lower? Sure. Another low to test the longer term .382 retracement of wave 3 is not off the table (see yellow 4 on chart and/or post about AMD Big Picture). Can we chop sideways for a bit in a protracted wave circle ii before we start wave (i) of wave circle iii. Sure. So what was the plan again? I believe I wrote:

"It might not be a bad idea to start layering into a position from around $87 to $80.00 with a stop around $80-$76. But it is probably best to wait for the (i)-(ii) of circle iii for the highest probability trade (again, not shown yet). Although this price action deserves some respect and a close eye, caution is warranted until price holds circle wave ii support and makes a new high for wave (i) of circle wave iii."

Since then, price made a slightly higher high in wave (v) of wave circle i, so the support is a bit higher than the last chart. But those confines still seem pretty applicable. Layering into an entry with a stop set between $80 and $77 seems like a good risk management plan. Assuming price can hold wave circle ii support, we could be getting ready to rally something fierce. If not, your stops are set and in place to limit the pain of another low. It's a purely objective plan based on price action and Elliot Wave Theory.

Overall, this chart still looks solid. I'll map out waves (i) through (v) of circle wave iii once/if price tests its last near term high of $104. If I have time, I'll probably post one or more additional charts showing smaller time scales or progress in the comments section below.

#LongAMD
#WaveTheory
#NotAdvice
#NotRecommendation
#MeasuredMoves
#PriceIsKing
#GoodLuck
Kommentar
Damn! Looks like the folks with stops at $77 are still in the game. For now... Those with stops at $80 got stopped out, but it was a close one. As I said, there should be another (and better) entry is wave (ii) of wave circle iii (not shown yet) assuming support holds and we test the resistance at the last local high of $104. Heres the updated daily chart.

https://www.tradingview.com/x/DPufd3Nh/

Will support hold? Only time will tell. For what it's worth, it appears we have a Dragonfly Doji on the daily. It would be nice to see to see the daily MACD start curling up. A rally into end of day would certainly help.

#GoodLuck!
AMDElliott Wave

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