AMD: Short-term Upward Potential

AMD has continued to face downward pressure, preventing further progress in green wave [4]. While this wave still has room to rise, its top should form below resistance at $141.16. Once wave [4] completes, wave [5] should follow—finishing the larger green impulse to the downside and completing the corrective structure of blue wave (II). This move is expected to conclude in our blue Long Target Zone between $62.82 and $35.19. That said, we continue to monitor a 30% alternative scenario: it suggests that wave alt.(II) has already bottomed at $76.12. In that case, AMD wouldn’t visit the blue zone but instead break out directly above the resistances at $141.16 and $174.98—marking the beginning of wave alt.(III).

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