2023 AMD Outlook
Overview: I published my first AMD idea on July 4th 2022: "From the all-time-high of Nov. 30th 2021, AMD has completed 2 zigzags as waves (W) and (Y). From this point, I am expecting a rally to retest some portion of (Y) and then the final leg down as another zigzag , wave (Z)."
At that time, AMD closed at 73.67 and I was expecting a rally to 100 and then final bearish leg to 49. Later, on my update of Oct. 2nd, I noted that: "I see the 55 region as the actual bottom."
The actual low happened on Oct. 13th at a price of 54.57!
Update: my outlook on AMD is based on the very same facts that I wrote on my update of NVDA (linked to this update) and I am not going to repeat myself. Since Oct. 23rd, I had the idea that the bottom is in for wave (4), which is still possible, but not my preferred scenario at the moment, contrary to NVDA. What follows at this point is a pullback to the upside, as wave b of Z of (4) [or in the alternative scenario that the bottom is in, it is wave b of 2 of A of (5)] and then we see wave c of Z to new lows [again in the alternative scenario, it does not reach to a new low and will be stopped before that point].
For now, the likely scenario in my opinion is that we go to new lows on AMD and I have 45.72 as the potential bottom.
On the hourly chart, we have wave b developing as a zigzag.
At that time, AMD closed at 73.67 and I was expecting a rally to 100 and then final bearish leg to 49. Later, on my update of Oct. 2nd, I noted that: "I see the 55 region as the actual bottom."
The actual low happened on Oct. 13th at a price of 54.57!
Update: my outlook on AMD is based on the very same facts that I wrote on my update of NVDA (linked to this update) and I am not going to repeat myself. Since Oct. 23rd, I had the idea that the bottom is in for wave (4), which is still possible, but not my preferred scenario at the moment, contrary to NVDA. What follows at this point is a pullback to the upside, as wave b of Z of (4) [or in the alternative scenario that the bottom is in, it is wave b of 2 of A of (5)] and then we see wave c of Z to new lows [again in the alternative scenario, it does not reach to a new low and will be stopped before that point].
For now, the likely scenario in my opinion is that we go to new lows on AMD and I have 45.72 as the potential bottom.
On the hourly chart, we have wave b developing as a zigzag.
Feragatname
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