We are adjusting our analysis.
In our previous analysis, we expected green wave 1 to have already been completed, implying that AMD had reached a major high. However, the recent impulsive breakout above $267.08 has invalidated this primary expectation. As a result, our secondary scenario now becomes the more probable outlook.
Max Oen
Under this updated count, AMD is still in the process of forming its major high following a strong impulsive bullish run. The stock is currently trading within dark blue wave 3. Once this wave is completed, we expect a short-term corrective phase in dark blue wave 4, followed by a final upward move in dark blue wave 5. This would complete light blue wave 5 and, consequently, green wave 1.
From that point, our long-term outlook remains unchanged: we anticipate the formation of a major high, followed by a broader corrective phase in green wave 2.
In our previous analysis, we also defined a Fibonacci retracement zone for this expected correction within green wave 2. This zone will be adjusted once AMD has clearly formed its major high and confirmed the completion of green wave 1.
If any structural changes occur, we will update you immediately.
Kind regards,
Monalytics
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