AMD has surpassed its local high of $584.73 and is now forming new all-time highs. We have adjusted our count and will also adjust our Fibonacci buying zone once AMD has finalized a major all-time high and approaches its expected correction.
In the meantime, we expect that AMD has completed a corrective blue wave 4 and is now in its final bullish movement, forming blue wave 5. This wave should finalize a major top, end the light blue cycle, and create green wave 1. This represents a major initial impulsive fractal for AMD and establishes a milestone for a long-term major bullish uptrend.
However, we first expect AMD to enter a corrective phase, forming green wave 2 and completing its first full impulse within the long-term green cycle. We previously anticipated that AMD had reached its major top with green wave 1 and had already established a Fibonacci retracement zone, which we outlined as a clear buying zone. However, AMD has proven our expectations wrong and is now forming new highs. That is why we need to adjust our Fibonacci buying zone.
Furthermore, we have established a price target zone to estimate the price area in which AMD is most likely to finalize its current upward movement.
Price Target Zone
- 61.8%: $646.07
- 100%: $783.24
We expect AMD to complete its current upward movement and initiate its long-term correction within green wave 2. Once this happens, we will be able to establish our Fibonacci buying zone at new levels.
If anything happens with this stock, we will update you immediately.
Kind regards,
Monalytics
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