Elliott Wave cycle shows impulsive reversal with room for more upside [Video]

AMD has seen a deep retracement from its 2024 highs, but it now looks like the stock is trying to stabilize. However, a straight push to new highs may not be likely just yet, as we’re still tracking an ongoing running triangle—an A-B-C-D-E pattern.

Looking at the daily chart, things do look promising for more upside into wave D as we’re seeing a clean five-wave move up on the lower time frame, suggesting we may be in wave A of that D-leg. After a pullback, there could be some very interesting opportunities on the long side.

Support levels on dips to watch are around 115 and 123, while upward projections for this three-wave D-leg rally could be toward the 166 gap area and potentially 185.

Highlights:

Direction: Up after pullback.