AMD Weekly Harmonic Elliott Wave Analysis
Overview: let's review our expectation on the previous update: "I think we are still completing wave III of (c) of I of A of (Z)."
I also noted that: "if we break down through the red trendline, it shows excessive selling pressure and it is a sign of wave III. That way, we need to consider an alternative count and that is wave III of A of (Z)."
Update: the price action sliced through the red trendline and as I mentioned, it was a sign for a wave III being under development. Looking at the hourly chart, I think we are developing wave (b) of III of A of (Z), then wave (c) of III develops.
Potential target for peak of wave (b)? (84.87-86.42)
1) Retracement of wave (a): 84.87, 85.81, and 86.42
2) Volume profile of wave (a): 84.17, and 86.1 (note that these are not exact)
3) Support and resistance levels: 85.63, and 88.16 (note that these are not exact)
I also noted that: "if we break down through the red trendline, it shows excessive selling pressure and it is a sign of wave III. That way, we need to consider an alternative count and that is wave III of A of (Z)."
Update: the price action sliced through the red trendline and as I mentioned, it was a sign for a wave III being under development. Looking at the hourly chart, I think we are developing wave (b) of III of A of (Z), then wave (c) of III develops.
Potential target for peak of wave (b)? (84.87-86.42)
1) Retracement of wave (a): 84.87, 85.81, and 86.42
2) Volume profile of wave (a): 84.17, and 86.1 (note that these are not exact)
3) Support and resistance levels: 85.63, and 88.16 (note that these are not exact)
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